Technological and Economic Development of Economy
type: channel
description: Technological and Economic Development of Economy is a peer reviewed journal that publishes original research, review articles and book reviews on all areas of sustainable economic development including political, economic and technological economic strategies. The journal provides insights and original research on topics of importance to economists and original research on topics of importance to economists and policy makers. More information ...
publisher: Vilnius Gediminas Technical University
language: en
publication name: Technological and Economic Development of Economy
issn: 2029-4913
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: Digital infrastructure and education as drivers of entrepreneurship in the European Union
items: Integrated fuzzy model for assessing cultural tourism potential in ethno-villages
items: Driving net-zero and resilient supply chains through industry 5.0: a strategic pathway for sustainable economic development
items: A multi-valued neutrosophic ARAS model for economic resilience in uncertain olive farming systems
items: Ensuring fair treatment of investors: a novel approach for revaluation of liabilities from unissued and unredeemed investment shares in collective investment funds
items: Determinants of sustainable economic development in the EU: the role of innovation and infrastructure resilience
items: A study on the impact of global digital economy development on China’s export trade
items: Sustainable last mile delivery: are e-consumers ready for courier services by electric vehicles?
items: Patent activity in the Polish food system and the business cycle. Conclusions from spectral analysis
items: Value-added manufacturing, growth and inflation: dynamic panel threshold perspective
items: Sustainability and carbon footprint evaluation at university: case study of VILNIUS TECH
items: Multiple Normalization Rating Analysis (MUNRA) and its application to digital supplier selection in the textile industry
items: Assessment of data quality and validity of composite innovation indicators with a neutrosophic multi-criteria approach
items: Foreign direct investment, financial development, and technological innovation: a new perspective on spatial spillovers
items: Barriers to digital transformation of high and medium high tech global manufacturing enterprises in Poland
items: Environmental, social, and governance practices and reporting readiness in small and medium-sized enterprises
items: Assessing the impact of economic variables on Romania's real estate market evolution: risk, uncertainty, and investment dynamics
items: Efficiency and regional divergence in China’s poverty reduction (SDG 1) and decent work and economic growth (SDG 8)
items: DEA-based composite index for innovation-integrated human development performance assessment of countries
items: Exploring the social and economic consequences of the metaverse: a multi-criteria approach to the SDGs
items: The impact of industrialization and self-renewing energy utilization on carbon discharges in the country economics
items: Refreshing the design of a regional economic growth model in the context of the new digital decade
items: Striving for carbon neutrality in EU region: examining the role of environmental policy stringency in geopolitical risk and energy transition
items: Addressing hidden challenges in urban renewable energy integration via a hybrid-decision model
items: E-commerce policy, market integration and regional economic disparities: evidence from China’s national e-commerce demonstration cities
items: Unlocking the inverted-U: exploring the threshold impact of population aging on income inequality dynamics
items: The technology innovation paradox in Asia’s leading innovative economies: the importance of renewable energy and green financing
items: Trade liberalization, price transmission and household welfare: evidence from China
items: Assessing the risks of fintech development: the case of online illegal capital raising
items: How does city group risk-taking affect climate-friendly technology innovation in cities? Evidence from China

Digital infrastructure and education as drivers of entrepreneurship in the European Union
type: item
description: In the context of accelerated digital transformation, understanding the factors that stimulate entrepreneurship at the European level has become a strategic priority. This study investigates the impact of digital infrastructure and human capital on new business density in the European Union, testing the hypothesis that these determinants operate differently depending on countries’ innovation stage. The analysis is grounded in a balanced panel dataset covering 26 EU member states over the period 2010–2023, grouped into four innovation clusters according to the European Innovation Scoreboard. Empirical analysis adopts a dual econometric approach. Static relationships are estimated using a Panel EGLS framework with cross-section SUR weights to capture short-run correlations and cross-country interdependence. Dynamic relationships are examined through a Panel Autoregressive Distributed Lag (ARDL) model estimated via the Pooled Mean Group (PMG) method, allowing for the identification of long-run equilibrium effects and adjustment dynamics while accounting for structural heterogeneity. Results show substantial cross-cluster heterogeneity. For Moderate Innovators, primarily located in Southern and Central Europe, digital infrastructure acts as a clear catalyst for entrepreneurship, exerting positive effects on new business density in both the short and long run. In contrast, for Strong Innovators, digitalization displays a more complex temporal pattern, with short-run effects dominated by implementation and adjustment costs, while long-run benefits materialize as productivity gains. The analysis shows that tertiary education supports entrepreneurial entry in the short run, while its long-run effect becomes negative, reflecting rising opportunity costs and the increasing absorption of skilled labor into corporate employment. While emerging economies benefit directly from investments in digital infrastructure, mature economies require structural interventions to reduce marke…
subject: Articles
  topic: section
subject: entrepreneurship
  topic: keywords
subject: digital infrastructure
  topic: keywords
subject: human capital
  topic: keywords
subject: innovation clusters
  topic: keywords
subject: panel ARDL
  topic: keywords
subject: European Union
  topic: keywords
creator: Simona Dzitac
creator: Ciprian Simut
creator: Ramona Simut
creator: Daniel Badulescu
creator: Florica Ortan
creator: Alina Badulescu
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-06-09
publication date: 2026-06-09
starting page: 1024
ending page: 1043
doi: 10.3846/tede.2026.27152

Integrated fuzzy model for assessing cultural tourism potential in ethno-villages
type: item
description: This research examines the alignment of ethno-villages with cultural tourism to assess their commitment to preserving cultural values but attracting tourists in order to increase the efficiency of the economy, also. By engaging tourism experts, this research categorizes criteria into distinct groups and uses an integrated fuzzy set approach to assess the cultural tourism potential of these destinations. By combining Improved Fuzzy SWARA (Step-Wise Weight Assessment Ratio Analysis) and fuzzy WASPAS (Weighted Aggregates Sum Product Assessment) methods with the Fuzzy DOMBI operator, the research presents a methodology to address uncertainties in decision-making. The IMF SWARA method determined the criteria’s significance by assigning weights, while the fuzzy WASPAS method introduced uncertainty into the decision-making process through Z-numbers. The findings highlight ethno-villages like Ljubačke Doline and Kotromanjić, demonstrating admirable dedication to cultural immersion in their tourism offerings. These ethno-villages can serve as examples of how culture, tradition, and customs can be smoothly integrated to improve the tourism experience and economic system as a whole.
subject: Articles
  topic: section
subject: cultural tourism
  topic: keywords
subject: ethno-villages
  topic: keywords
subject: MCDM
  topic: keywords
subject: Z-numbers
  topic: keywords
subject: IMF SWARA
  topic: keywords
subject: fuzzy WASPAS
  topic: keywords
subject: economic system
  topic: keywords
creator: Qixiang Tian
creator: Danfeng Han
creator: Adis Puška
creator: Željko Stević
creator: Anđelka Štilić
creator: Metin Mutlu Aydin
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-05-14
publication date: 2026-05-14
starting page: 765
ending page: 785
doi: 10.3846/tede.2026.26322

Driving net-zero and resilient supply chains through industry 5.0: a strategic pathway for sustainable economic development
type: item
description: Industry 5.0 (I5.0) based practices help to reduce supply chain emissions while ensuring resiliency. But the evidence on these practices remains limited. Therefore, this study analyses the practices in the context of I5.0 that can enable net-zero and resilient supply chains. We followed a three-phase framework: (1) identify practices through literature review, (2) map their hierarchical relationships using Interpretive Structural Modeling (ISM), (3) evaluate causal influence using the Decision-making trial and evaluation laboratory approach (DEMATEL). The results indicate four important practices: ESG compliance, Life Cycle Assessment (LCA), human-centric and collaborative systems, and mass personalization. These practices help build net-zero and resilient supply chains. From a theoretical perspective, this study bridges the gap between I5.0 theories and the net-zero and supply chain resiliency concept. From a managerial perspective, this study offers a structured pathway to integrate digital and human capabilities for a resilient future. For policymakers, it highlights the need for incentives and infrastructure to improve I5.0 maturity.
subject: Articles
  topic: section
subject: Industry 5.0
  topic: keywords
subject: DEMATEL
  topic: keywords
subject: ISM
  topic: keywords
subject: net-zero emissions
  topic: keywords
subject: supply chain resilience
  topic: keywords
subject: circular economy
  topic: keywords
subject: human-centric manufacturing
  topic: keywords
subject: ESG compliance
  topic: keywords
creator: Akshay Patidar
creator: Sumedha Bhatnagar
creator: Anil Kumar
creator: Anbesh Jamwal
creator: Ashutosh Samadhiya
creator: Audrius Banaitis
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-22
publication date: 2026-04-22
starting page: 698
ending page: 726
doi: 10.3846/tede.2026.26297

A multi-valued neutrosophic ARAS model for economic resilience in uncertain olive farming systems
type: item
description: This study proposes the integration of Multi-Valued Neutrosophic Numbers (MVNNs) with the Additive Ratio Assessment (ARAS) method to conduct an economic evaluation of multi-criteria decision-making (MCDM) problems under high uncertainty. MVNNs enhance traditional neutrosophic approaches by allowing multiple degrees of truth, indeterminacy, and falsity, providing a richer representation of the ambiguous and often conflicting economic data prevalent in agricultural planning. The proposed MVN-ARAS framework is presented with formal definitions, aggregation operators, and a step-by-step decision-making procedure tailored for economic assessment. Its effectiveness is demonstrated through an illustrative investment case and a real-world application to prioritize and economically evaluate climate change adaptation strategies for smallholder olive growers in Chile’s Coquimbo Region. Results show that drought-resistant olive cultivars and water-saving irrigation technologies achieve the highest relative utility values, indicating their dominant role in improving economic resilience under prolonged water scarcity. In contrast, diversification-oriented measures – such as value-added olive products and rural ecotourism – rank lower but still contribute to long-term income stability. These findings highlight the ability of the MVN-ARAS framework to deliver a structured economic evaluation, a robust ranking of alternatives based on cost-benefit and risk criteria, and improved handling of conflicting expert opinions, offering decision-makers a transparent and reliable tool for strategic investment and resource allocation to enhance economic resilience.
subject: Articles
  topic: section
subject: multi-valued neutrosophic numbers
  topic: keywords
subject: additive ratio assessment
  topic: keywords
subject: neutrosophic decision-making
  topic: keywords
subject: multi-criteria decision making
  topic: keywords
subject: climate change adaptation
  topic: keywords
subject: economic resilience
  topic: keywords
creator: Fernando Montenegro-Dos Santos
creator: Sarfaraz Hashemkhani Zolfani
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: 727
ending page: 764
doi: 10.3846/tede.2026.26279

Ensuring fair treatment of investors: a novel approach for revaluation of liabilities from unissued and unredeemed investment shares in collective investment funds
type: item
description: In the dynamic world of open-ended investment funds, where investors continuously enter and exit, and in funds with multiple classes of investment shares, a critical issue often goes unnoticed: the revaluation of liabilities from unissued and unredeemed shares. These liabilities, typically left unsettled and unrevalued for extended periods, can significantly skew the Net Asset Value per Share (NAVpS), leading to unfair treatment of different groups of investors. In this paper, a novel methodological framework designed to adjust the NAVpS is introduced that not only ensures fair treatment among all groups of investors, but also provides unbiased performance information to potential investors. It also addresses the complexities of non-revalued liabilities in funds with multiple investment classes, which can disrupt class allocation ratios. The practical implications of the framework are profound. The issues of fair allocation across multiple investment classes and mitigating distortions arising from unrevalued liabilities related to unissued and unredeemed shares are addressed. As demonstrated in focused case studies, these distortions can become significant, depending on the size of the liabilities and changes in the value of underlying assets. We believe that our approach contributes to a more transparent investment landscape for all stakeholders.
subject: Articles
  topic: section
subject: collective investment funds
  topic: keywords
subject: UCITS
  topic: keywords
subject: AIFs
  topic: keywords
subject: fair treatment
  topic: keywords
subject: valuation
  topic: keywords
subject: revaluation
  topic: keywords
subject: liabilities
  topic: keywords
subject: unissued
  topic: keywords
subject: unredeemed
  topic: keywords
subject: investment shares
  topic: keywords
subject: IFRS
  topic: keywords
creator: Adam P. Balcerzak
creator: Roman Skalický
creator: Marek Zinecker
creator: Tomáš Meluzín
creator: Stanislav Škapa
creator: Michał Bernard Pietrzak
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-20
publication date: 2026-04-20
starting page: 631
ending page: 661
doi: 10.3846/tede.2026.25942

Determinants of sustainable economic development in the EU: the role of innovation and infrastructure resilience
type: item
description: Technological innovation and infrastructure resilience are key pillars of sustainable economic development in the European Union, directly contributing to the achievement of Sustainable Development Goal 9 (SDG 9). This goal supports the transition to a competitive, climate-neutral and digitized economy by 2050 by strengthening resilient infrastructures, promoting sustainable industrialization and fostering innovation capacity. This study investigates EU Member States’ performance against SDG 9, using a set of indicators provided by Eurostat and applying the Holt-Winters (AAA) forecasting model to project trends through 2030. The analysis covers key areas such as R&D expenditure, patent activity, sustainable mobility and industrial emissions intensity. The results reveal significant progress in strengthening innovation capacity in some Member States; however, considerable regional disparities remain, particularly in transport infrastructure and industrial decarbonization. The study therefore highlights the need for integrated public policies, enhanced trans-national cooperation and targeted financial support to reduce structural gaps and accelerate sustainable convergence at European level. The conclusions emphasize the importance of an adaptive policy framework that harnesses the potential of emerging technologies and strengthens the resilience of industrial and infrastructure systems to meet the EU’s climate and economic objectives.
subject: Articles
  topic: section
subject: sustainable development
  topic: keywords
subject: 2030 Agenda
  topic: keywords
subject: SDG 9
  topic: keywords
subject: resilient infrastructure
  topic: keywords
subject: inclusive industrialization
  topic: keywords
subject: sustainable innovation
  topic: keywords
creator: Daniela Firoiu
creator: George H. Ionescu
creator: Anca Băndoi
creator: Anca Vasilica Tănasie
creator: Sorin Tudor
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: 597
ending page: 630
doi: 10.3846/tede.2026.25897

A study on the impact of global digital economy development on China’s export trade
type: item
description: The rapid development of the global Digital Economy (DE) is profoundly affecting international trade and has emerged as a crucial engine sustaining the steady expansion of China’s export trade (CE). Drawing on panel data covering 146 countries from 2003 to 2023, this study investigates in depth how the development of the global DE influences CE by integrating the level of DE development into an extended gravity model framework, and further examines the threshold effect arising from the DE gap between importing countries and China in this process. The study finds that the development of the global DE has significantly increased CE. The results of heterogeneity analysis indicate that this promoting effect is heterogeneous across countries with different levels of economic development and internet regulation, as well as across different industries. Mechanism analysis shows that this impact is mainly achieved through two channels: reducing trade costs and increasing production capacity. Finally, the empirical results reveal that when the DE gap between China and importing countries is introduced as a threshold variable, the influence of DE development in the importing country on China’s exports exhibits a single-threshold effect. Once the DE gap surpasses this critical point, the positive effect diminishes.
subject: Articles
  topic: section
subject: digital economy
  topic: keywords
subject: gravity model
  topic: keywords
subject: export trade
  topic: keywords
subject: digital economy gap
  topic: keywords
subject: threshold effect
  topic: keywords
creator: Yuhang Xiao
creator: Wenge Liu
creator: Hongsheng Ji
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-04-20
publication date: 2026-04-20
starting page: 662
ending page: 697
doi: 10.3846/tede.2026.25671

Sustainable last mile delivery: are e-consumers ready for courier services by electric vehicles?
type: item
description: Driven by the expansion of e-commerce and rising environmental awareness, this study is set within the context of growing market demand for sustainable and low-emission solutions in the courier industry. The aim of the article is to verify the readiness of e-consumers and the determinants to use an eco-innovative method of last-mile delivery by electric vehicles (EVs) in the courier services. A quantitative authors’ conceptual model including Technology Readiness and Technology Acceptance Model was developed and verified. Perceived ease of use significantly impacts perceived usefulness, and both strongly predict adoption intention. The growing shift toward electric fleets among couriers aligns with e-consumers’ readiness, however, the study offers important insights. Technological optimism influences adoption of last-mile deliveries by EV indirectly, e-consumers’ innovation and trust show an unsatisfactory effect. Although environmental awareness improves perceptions of use, it does not directly translate into higher adoption intent. The findings emphasise the importance of a holistic strategy that combines technological functionality, environmental values, and realistic expectations to promote the integration of EVs into courier logistics. Providers should focus on operational improvements and education, presenting EVs above all as efficient and easy to integrate with existing logistics systems, striving for their integration with sustainability and circularity.
subject: Articles
  topic: section
subject: sustainable transportation
  topic: keywords
subject: sustainable distribution
  topic: keywords
subject: eco-innovation
  topic: keywords
subject: eco-innovativeness
  topic: keywords
subject: transport management
  topic: keywords
subject: electric vehicles market
  topic: keywords
subject: courier services
  topic: keywords
subject: Technology Acceptance Model
  topic: keywords
subject: technology adoption
  topic: keywords
creator: Marta Raźniewska
creator: Anna Wronka
creator: Aleksandra Gulc
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-06
publication date: 2026-02-06
starting page: 260
ending page: 282
doi: 10.3846/tede.2026.25594

Patent activity in the Polish food system and the business cycle. Conclusions from spectral analysis
type: item
description: Invention activity is an important innovation development factor, as it not only imposes changes in economic activity, but also often leads to the completely new structures within sectors. The aim of the paper was to investigate the relationship between macroeconomic and sectorial business cycle, and the patent filings in the food system in Poland in the period 2006–2022 taking advantage of statistics defined in time and frequency domains. Data on patent applications from 34 IPC classification (sub-)classes were analyzed, combined into five groups: food, beverages, tobacco, agricultural chemistry, agricultural machinery and packaging. The results obtained with spectral and cross-spectral analysis tools were compared with results obtained in the time domain. The positive relationship between patents and macroeconomic cycle is the strongest for cycles lasting 3.5–4 years, which dominate in reference to GDP series in the analyzed period. Patent filings are strongly positively correlated also with the agri-food sector output, especially in shorter cycles of 2.5–3 years. Although cycles of patent filings fluctuate much more than both business cycles, they seem to be more similar to the agri-food sector fluctuations. Moreover, patent activity may be treated as an early warning indicator of sectorial economic activity, whereas it’s lagging in reference to the aggregated economic activity.
subject: Articles
  topic: section
subject: cyclical fluctuations
  topic: keywords
subject: economic activity
  topic: keywords
subject: patent activity
  topic: keywords
subject: patent filings
  topic: keywords
subject: agri-food sector
  topic: keywords
subject: food system
  topic: keywords
subject: macroeconomic business cycle
  topic: keywords
subject: sectorial business cycle
  topic: keywords
subject: cross-spectral analysis
  topic: keywords
creator: Justyna Kufel-Gajda
creator: Janusz Gajda
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 571
ending page: 596
doi: 10.3846/tede.2026.25504

Value-added manufacturing, growth and inflation: dynamic panel threshold perspective
type: item
description: This study pioneers the exploration of inflation’s nonlinear role in the nexus between value-added manufacturing and economic growth, employing a dynamic panel threshold model for 38 Organisation for Economic Co-Operation and Development (OECD) countries from 1980 to 2023. Unlike prior research, it uniquely identifies an inflation threshold (4.4954%) that alters the manufacturing-growth relationship. Below this threshold, value-added manufacturing significantly boosts economic growth, while above it, growth declines despite manufacturing process, revealing a novel nonlinear dynamic. Utilizing advanced methodologies like System Generalized Method of Momemnts (GMM) and Diallo’s (2020) dynamic panel threshold approach, the study addresses endogeneity and cross-sectional dependence, offering robust insights. These findings highlight inflation’s critical influence on manufacturing’s growth effects, urging policymakers to prioritize price stability to maximize manufacturing’s economic contributions. This research enriches the literature by integrating inflation thresholds into growth models, providing fresh policy implications for sustainable economic strategies in OECD economies. First published online 28 January 2026
subject: Articles
  topic: section
subject: value-added manufacturing
  topic: keywords
subject: economic growth
  topic: keywords
subject: inflation
  topic: keywords
subject: threshold
  topic: keywords
creator: Emin Efecan Aktaş
creator: Lokman Salih Erdem
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 464
ending page: 484
doi: 10.3846/tede.2026.25410

Sustainability and carbon footprint evaluation at university: case study of VILNIUS TECH
type: item
description: Because of a societal push towards sustainability a problem emerges of adapting the concept to different sectors of the economy and society. The differing complexities of different fields and social structures make it difficult to create a universal sustainability strategy. Higher education institutions (HEIs) consist of a broad range of people, working in various fields of industry, making it an appropriate cross-section of the nation. Adapting sustainability practices in these institutions would allow to screen for successful policies before implementing them more widely, detecting most effective practices, allowing a faster transition towards achieving the Sustainable Development Goals (SDGs). It is hard to decide where to start, as many sustainable practices exist. This article presents the case study of VILNIUS TECH and conducts a comparison with universities in the region, determining best sustainability practices. The Greenhouse gas (GHG) protocol standard was used to form the emission inventory. The university comparison will help identify effective HEIs carbon footprint minimization practices, as well as other implemented policies as an example of where HEIs should start on their road to a more sustainable institution.
subject: Articles
  topic: section
subject: GHG accounting
  topic: keywords
subject: climate neutrality
  topic: keywords
subject: higher education institutions
  topic: keywords
subject: decarbonization
  topic: keywords
subject: Scope 1 emissions
  topic: keywords
subject: Scope 2 emissions
  topic: keywords
subject: GHG protocol
  topic: keywords
creator: Mantas Garnevičius
creator: Vaida Šerevičienė
creator: Raimondas Grubliauskas
creator: Rūta Mikučionienė
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 2105
ending page: 2130
doi: 10.3846/tede.2025.25367

Multiple Normalization Rating Analysis (MUNRA) and its application to digital supplier selection in the textile industry
type: item
description: The rapid development of digital technologies – such as IoT, AI, blockchain, and digital twins – has transformed supply chains into interconnected ecosystems, making digital supplier selection both critical and complex. For the first time, this study proposes a novel multi-criteria decision-making (MCDM) method, Multiple Normalization Rating Analysis (MUNRA), for ranking alternatives. It integrates linear, vector, and non-linear normalization to improve robustness, reduce rank reversal, and enhance decision accuracy. A case study of digital supplier selection in the textile industry is considered for a real-life application of the method. Results highlight technology integration, flexibility, and technological capability as the most influential criteria for selecting digital suppliers. Moreover, the final ranking of the six digital suppliers is as follows: DS5, DS4, DS2, DS6, DS1, and DS3. Validation through comparative MCDM methods, Spearman correlation, and sensitivity analyses confirms the credibility of the method. It is also shown that it is free from the rank reversal phenomenon. The research presents a computationally efficient and rigorous method for evaluating digital suppliers, offering strategic insights for digital supply chain management. The application of MUNRA to a larger decision-making problem further illustrates its scalability and cross-domain applicability.
subject: Articles
  topic: section
subject: digital supply chain
  topic: keywords
subject: digital supplier selection
  topic: keywords
subject: supply chain management
  topic: keywords
subject: supplier selection
  topic: keywords
subject: MUNRA
  topic: keywords
subject: MCDM
  topic: keywords
creator: Alptekin Ulutaş
creator: Fatih Ecer
creator: Zenonas Turskis
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-12-08
publication date: 2025-12-08
starting page: 2074
ending page: 2104
doi: 10.3846/tede.2025.25346

Assessment of data quality and validity of composite innovation indicators with a neutrosophic multi-criteria approach
type: item
description: In light of the emphasis on innovation as a driver of economic growth, new tools are needed to measure and compare national innovation systems. Improving methodological approaches to constructing composite innovation indicators also requires exploring issues related to aggregation, weighting, and reviewing the quality and validity of the data. This paper aims to support this debate by assessing the process and outcomes of innovation using fuzzy theory combined with a multicriteria technique to address the uncertainty attached to the underlying data used in constructing the composite indicator. Mainly, we deal with the problems related to the uniformity of the period covered by the indicator and the origin and reliability of the source of information by incorporating degrees of truth, indeterminacy, and falsity into the assessment process by applying neutrosophic numbers. To test the effectiveness of our approach, an empirical analysis is carried out based on the European Innovation Scoreboard and the assessment of the elementary criteria over the period 2020–2023.
subject: Review
  topic: section
subject: innovation measurement
  topic: keywords
subject: fuzzy sets
  topic: keywords
subject: neutrosophic numbers
  topic: keywords
subject: multicriteria decision making
  topic: keywords
subject: data quality
  topic: keywords
creator: Javier Reig-Mullor
creator: Ana Garcia-Bernabeu
creator: Francisco Salas-Molina
creator: David Pla-Santamaria
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-24
publication date: 2026-02-24
starting page: 315
ending page: 335
doi: 10.3846/tede.2026.25283

Foreign direct investment, financial development, and technological innovation: a new perspective on spatial spillovers
type: item
description: This study used data from cities in the Yangtze River Delta (YRD) in China between 2012 and 2022 to analyze how foreign direct investment (FDI) and financial development impact technological innovation and how these effects spread to nearby areas. We found that (1) FDI significantly boosted technological innovation, and financial development effectively strengthened this effect. (2) The YRD urban agglomeration exhibited clear spatial spillovers in technological innovation, in that geographically adjacent regions showed technological siphoning effects, whereas regions with similar economic development levels demonstrated positive spillovers. (3) The synergistic effects of FDI and financial development varied by region, with positive spillovers in economically linked regions but insignificant effects in geographically adjacent regions. The findings also suggested that late-developing regions exhibited stronger absorptive capacity for FDI technology spillovers. The YRD and Pearl River Delta regions exhibited significantly superior synergistic effects compared to the Beijing-Tianjin-Hebei and Chengdu-Chongqing regions. This study enriches the understanding of the relationship among FDI, financial development, and technological innovation along with their spatial heterogeneity. It also provides valuable innovative insights for formulating regionally differentiated innovation policies, thereby offering practical guidance for fostering coordinated technological innovation across regions.
subject: Articles
  topic: section
subject: FDI
  topic: keywords
subject: financial development
  topic: keywords
subject: technological innovation
  topic: keywords
subject: Yangtze River Delta
  topic: keywords
creator: Wei Jiang
creator: Xiang Ma
creator: Lingli Qing
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 508
ending page: 536
doi: 10.3846/tede.2026.25275

Barriers to digital transformation of high and medium high tech global manufacturing enterprises in Poland
type: item
description: The aim of the study is to identify the key barriers to digital transformation and assess the structure of interrelations between these barriers and the selected characteristics of enterprises, their approach to digital transformation, as well as the technological advancement of products in large and very large foreign manufacturing enterprises operating in the high and medium high technology sectors in Poland. The empirical research is based on information from 95 survey respondents. Multidimensional correspondence analysis was applied in the research to simultaneously assess the structure of interrelations between the categories of multiple nominal variables. The conducted research shows that more than 50% of the surveyed enterprises indicated excessive costs of digitalization as the main barrier to its implementation, followed by uncertain market conditions and lack of own financial resources. The most significant difficulties related to the implementation of digitalization were primarily experienced by the enterprises operating in Poland for up to 10 years, free to relocate, not committed to develop innovative products, and presenting negative approach to digital transformation. The research findings provide crucial information useful for businesses, politicians, researchers and technology providers in creating more effective strategies and policies to support the Industry 4.0 development. It can contribute to increased business competitiveness and innovation, thus having a positive impact on the economy in general. The article constitutes an original study based on the authors’ own research. First published online 28 January 2026
subject: Articles
  topic: section
subject: digitalization
  topic: keywords
subject: barriers to industrial digitalization
  topic: keywords
subject: technological advancement of products
  topic: keywords
subject: high and medium high technology sector enterprises
  topic: keywords
subject: Poland
  topic: keywords
subject: multivariate correspondence analysis
  topic: keywords
creator: Elżbieta Sobczak
creator: Marcin Pełka
creator: Karolina Pokorska
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 425
ending page: 463
doi: 10.3846/tede.2026.25217

Environmental, social, and governance practices and reporting readiness in small and medium-sized enterprises
type: item
description: Following the European Sustainability Reporting Standards (ESRS), in 2026, the non-financial reporting obligation will be extended to small and medium-sized enterprises listed on the regulated market and meet employment and financial criteria. The obligation will also affect their contractors, suppliers, customers, and all stakeholders that influence a company’s overall Environmental, Social, and Governance (ESG) performance. The study aims to identify the Small and Medium-sized Enterprises’ (SME) practices in the field of ESG and recognise whether they are ready to report on their ESG activities. A quantitative method was used to obtain a general picture of the approach to ESG practices. The study was conducted among 300 Polish companies. The study results show that about half of the surveyed small and medium-sized enterprises conduct ESG activities and monitor ESG indicators. More than half demonstrate basic or good readiness for ESG reporting following the adopted criterion. This study’s contribution is twofold. First, it enriches the current state of knowledge by adding original insights into the ESG practices of SMEs, while most existing studies focus on the ESG activities of large enterprises. Second, the study’s novelty is its attempt to assess the readiness for ESG reporting at the corporate and country levels.
subject: Articles
  topic: section
subject: ESG practices
  topic: keywords
subject: SME
  topic: keywords
subject: machinery manufacturers
  topic: keywords
subject: ESG reporting readiness
  topic: keywords
creator: Justyna Kozłowska
creator: Leonas Ustinovičius
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 2045
ending page: 2073
doi: 10.3846/tede.2025.25072

Assessing the impact of economic variables on Romania's real estate market evolution: risk, uncertainty, and investment dynamics
type: item
description: This study examines Romania’s real estate market (2003–2023), analyzing economic variables’ impact on housing demand and investment trends through PLS-SEM and regression analysis. It addresses housing affordability challenges, particularly for younger generations, highlighting rising prices, increasing costs, and limited mortgage access as key barriers to homeownership. Furthermore, it explores the socio-economic implications of affordability issues, emphasizing their links to inequality and financial vulnerability. This study examines the shift from consumption to investment in the market, emphasizing the rising demand for real estate. It explores the impact of the sharing economy, particularly short-term rental platforms like Airbnb, on housing prices and affordability. Analyzing economic variables within a supply-demand framework, it distinguishes between new and existing housing stock while incorporating a LCC perspective. The research identifies high-growth market segments, providing insights for policy formulation and investment optimization. It contributes to the debate on government interventions in housing, evaluating whether support should target supply or demand for affordability. Using an ECM, the study examines investment impacts, particularly capital gain speculations, on housing demand, assessing interest rate fluctuations and mortgage dynamics. By integrating historical and current housing prices, it improves market analysis and forecasting, clarifying economic variables’ influence on investment behaviour and stability. First published online 28 January 2026
subject: Articles
  topic: section
subject: real estate market
  topic: keywords
subject: economic variable impact
  topic: keywords
subject: housing demand analysis
  topic: keywords
subject: error correction model (ECM) analysis
  topic: keywords
subject: PLS-SEM
  topic: keywords
creator: Mioara Chirita
creator: Georgel Chirita
creator: Nicoleta Barbuta-Misu
creator: Daniela-Ancuta Sarpe
creator: Cristina Maria Enache
creator: Valentin Marian Antohi
creator: Mihaela Neculita
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 374
ending page: 402
doi: 10.3846/tede.2026.24967

Efficiency and regional divergence in China’s poverty reduction (SDG 1) and decent work and economic growth (SDG 8)
type: item
description: Addressing regional disparities while pursuing sustainable development has become a critical policy challenge. This study develops a meta parallel two-stage dynamic range directional measure (RDM) directional distance function (DDF) data envelopment analysis (DEA) model to evaluate the efficiency of poverty reduction (SDG 1) and decent work and economic growth (SDG 8) across 30 provinces in China. Given uneven regional development, the provinces are grouped into eastern, central, and western regions, and kernel density estimation is employed to examine the spatial and temporal evolution of efficiency. The results indicate that: (1) The overall efficiency is moderate, with an average score of 0.67, highest in the eastern region, followed by the western, and lowest in the central region. (2) The efficiency of SDG 8 (0.93) significantly exceeds that of SDG 1 (0.87), while the regional ranking remains consistent with the overall efficiency. (3) The technology gap among the three regions shows dynamic changes: the western region has overtaken the eastern region to become the most advanced. In contrast, the central region continues to lag, and its gap with the other regions is steadily widening. First pubished online 29 October 2025
subject: Articles
  topic: section
subject: poverty reduction
  topic: keywords
subject: decent work and economic growth
  topic: keywords
subject: sustainable development
  topic: keywords
subject: dynamic RDM-DDF DEA model
  topic: keywords
creator: Li Ji
creator: Shigui Tao
creator: Tai-Yu Lin
creator: Yanan Sun
creator: Mingle Chen
creator: Yung-ho Chiu
creator: Wesley Hu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 485
ending page: 507
doi: 10.3846/tede.2025.24894

DEA-based composite index for innovation-integrated human development performance assessment of countries
type: item
description: The Human Development Index (HDI) introduced by United Nations Development Programme (UNDP) offers a unique quantitative measure that encompasses advancements in three fundamental aspects of human development: health, education, and living standards. However, focusing on only three dimensions when evaluating human development performance of countries is not adequate in today’s digital world. This study proposes a data envelopment analysis (DEA)-based composite index to provide an innovation-integrated human development performance assessment tool for countries. The novel two-stage common-weight DEA-based approach proposed in here is applied in a case study examining the performance assessment of European Union (EU) countries. The first stage of the developed methodology consists of solving the novel commonweight DEA-based approach with HDI indicators as the outputs and the Gini coefficient as the input. At the second stage, innovation-based indicators from World Bank database are used to evaluate innovation efficiency of EU countries. The composite index that yields the complete ranking of EU countries in terms of innovation-integrated human development performance is computed as the product of the efficiency scores resulting from these two stages. The rankings produced by the proposed approach are compared with the HDI rankings as well as the results obtained from various common-weight DEA-based models. First published online 27 November 2025
subject: Articles
  topic: section
subject: human development
  topic: keywords
subject: composite index
  topic: keywords
subject: performance assessment
  topic: keywords
subject: data envelopment analysis
  topic: keywords
subject: common-weight DEA-based approach
  topic: keywords
creator: Ece Ucar
creator: E. Ertugrul Karsak
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 403
ending page: 424
doi: 10.3846/tede.2025.24915

Exploring the social and economic consequences of the metaverse: a multi-criteria approach to the SDGs
type: item
description: This study explores the social implications of the Metaverse, a transformative digital ecosystem, through the lens of the United Nations Sustainable Development Goals (SDGs). The research identifies fourteen key concerns associated with the adoption of Metaverse technologies and assesses their societal impact. A two-stage methodology was employed: an expert panel utilized Grey Step-wise Weight Assessment Ratio Analysis (SWARA) and Grey Combined Compromise Solution (CoCoSo) to assign relative weights and to rank these concerns, reflecting their significance in societal contexts. Following this, an international survey was conducted to quantitatively gauge public perspectives across diverse demographics. Key findings highlight substantial psychological impacts linked to immersive experiences, such as addiction and mental health challenges, which pose a threat to SDG 3 (Good Health and Well-being). The environmental sustainability of Metaverse technologies is also critically examined, stressing the urgent need for green practices to mitigate carbon emissions and reduce energy consumption. Furthermore, ethical issues, particularly surrounding data privacy and user consent, are discussed, emphasizing the importance of robust regulatory frameworks to ensure safe and equitable user experiences. The study reveals the Metaverse’s potential to both foster global connectivity and exacerbate existing social inequalities, advocating for balanced, inclusive approaches to ensure equitable access. By integrating expert insights with broad public opinions, this research provides a comprehensive analysis of the complex relationship between digital technology and societal well-being, offering a foundation for future exploration of the responsible evolution of the Metaverse. Please view the correction statement: Corrigendum: Exploring the social and economic consequences of the metaverse: A multi-criteria approach to the SDGs
subject: Articles
  topic: section
subject: Metaverse social impact
  topic: keywords
subject: SDGs
  topic: keywords
subject: virtual environment governance
  topic: keywords
subject: technological equity
  topic: keywords
subject: MCDM
  topic: keywords
subject: grey SWARA
  topic: keywords
subject: grey CoCoSo
  topic: keywords
subject: social concerns
  topic: keywords
creator: Fatemeh Gasemzadeh
creator: Babak Ghahremannasab
creator: Jurgita Antuchevičienė
creator: Violeta Šniokienė
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-10-17
publication date: 2025-10-17
starting page: 1619
ending page: 1643
doi: 10.3846/tede.2025.24858

The impact of industrialization and self-renewing energy utilization on carbon discharges in the country economics
type: item
description: Industrialization has been pivotal in driving economic development. The research problem is the negative impact of industrialization to global warming and climate change. The relevance – enabling the use of renewable energy and green solutions to decrease CO₂ emissions. This research aims to evaluate the impact of short and long-term of industrialization, consumption of renewable energy, trade openness and economic growth on carbon emissions per capita in Indonesia. This research analyses [2000–2023] data, applying econometric ARDL approach and diagnostic tools. The Breusch-Godfrey Serial Correlation (BGSC) results revealed no consistent correlations, when Breusch-Pagan-Godfrey (BPG) test heteroscedasticity was confirmed. Ramsey RESET test (RRT) showed that the model is perfectly specified and significant; CUSUMSQ and CUSUM tools proved the stability of the model, when the VIF multicollinearity results indicated that no multicollinearity exists between the variables. Research findings show: trade openness and the consumption of renewable energy demonstrate a favourable effect for carbon output per capita in Indonesia as outcomes of economic progress, while industrialization has an adverse relationship with emissions of carbon per capita. The research originality – complex evaluation of the relationship between mentioned variables interplay. This publication provides recommendations for policymakers to improve the quality of environment.
subject: Articles
  topic: section
subject: industrialization
  topic: keywords
subject: economic growth
  topic: keywords
subject: renewable energy
  topic: keywords
subject: carbon discharges
  topic: keywords
creator: Lidija Kraujalienė
creator: Atif Yaseen
creator: Inga Bilinskienė
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-17
publication date: 2025-11-17
starting page: 1665
ending page: 1685
doi: 10.3846/tede.2025.24578

Refreshing the design of a regional economic growth model in the context of the new digital decade
type: item
description: The digital economy is a significant objective of future development of the European space and is included alongside other strategic objectives in the 2030 and 2050 Agenda of the European Union. According to the European Union’s Digital Economy and Society Index (DESI), the Nordic countries (Finland, Denmark, the Netherlands, and Sweden) are the top performers of the European Union. In the same time, Romania ranks last in the 2022 ranking. Current research analyses the four areas of the digital economy (human capital, digital technology integration, connectivity, and digital public services) in a mix that is correlated with regional indicators of sustainable development to design a regional model of digital economy growth. The methods of study include restructuring the DESI rankings and regional reclassification based on the criteria of correlative ranking of digital economy indicators in correlation with sustainable development indicators and the design of structural equations. The study results will form the basis of a public policy proposal to accelerate digital development for disadvantaged European regions. First published online 24 September 2025
subject: Articles
  topic: section
subject: digital economy
  topic: keywords
subject: regional development
  topic: keywords
subject: sustainable economic growth
  topic: keywords
subject: structural equations
  topic: keywords
creator: Monica Laura Zlati
creator: Costinela Fortea
creator: Valentin-Marian Antohi
creator: Nicoleta Cristache
creator: Marius Sorin Dinca
creator: Daniel Balsalobre-Lorente
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-03-19
publication date: 2026-03-19
starting page: 336
ending page: 373
doi: 10.3846/tede.2025.24534

Striving for carbon neutrality in EU region: examining the role of environmental policy stringency in geopolitical risk and energy transition
type: item
description: Global economic policymakers are facing increasing demands from diverse environmental constituents to prioritize sustainable development through the implementation of strict environmental policies, energy transition strategies, and the reduction of fossil fuel consumption by fostering technological advancement. This study aims to assess the moderating role of environmental Policy Stringency (EPS), among Geopolitical Risks (GPR), Energy Transition (ET), Technological Innovation (INV), and environmental degradation (CO2 emission). This study relies on empirical datasets spanning the years 1990 to 2022 in 13 EU countries and employed an extensive range of econometric techniques., Dynamic Ordinary Least Square (DOLS), Fully modified Ordinary Least Square (FMOLS), Canonical Cointegration Regression (CCR), and Method of Moment Quantile Regression (MMQR) to examine the data. The empirical findings demonstrate that interaction of GPR*EPS, INV*EPS, and ET*EPS plays a crucial role in promoting environmental sustainability and lowering CO2 emissions. Whereas, environmental degradation is attributed to higher geopolitical instability and increased economic activities. Further, Quantile Regression (QR) and Feasible Generalized least square (FGLS) methods are employed to check the robustness empirical findings of the primary techniques. Based on our comprehensive empirical research findings, we can put forth constructive policy recommendations aimed at addressing environmental concerns and achievement of SDGs 7 & 13 in EU region.
subject: Articles
  topic: section
subject: geopolitical risks
  topic: keywords
subject: energy transition
  topic: keywords
subject: environmental policy stringency
  topic: keywords
subject: technological innovation
  topic: keywords
subject: CO2 emission
  topic: keywords
subject: MMQR
  topic: keywords
subject: EU countries
  topic: keywords
creator: Nudrat Fatima
creator: Dalia Štreimikienė
creator: Parveen Kumar
creator: Magdalena Radulescu
creator: Hu Xuhua
rights: Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2026-02-24
publication date: 2026-02-24
starting page: 283
ending page: 314
doi: 10.3846/tede.2026.24489

Addressing hidden challenges in urban renewable energy integration via a hybrid-decision model
type: item
description: The integration of renewable energy into urban development has some critical legal challenges. However, the literature lacks a systematic framework for prioritizing the most critical obstacles. Existing studies generally address the legal barriers to the integration of renewable energy into urban areas at a general level. Therefore, these studies do not provide a systematic framework to prioritize which barriers are more critical. This deficiency creates some important problems such as increasing investor distrust, delays in projects and increasing costs. This study tries to fill this gap by establishing a novel hybrid decision-making model to evaluate hidden legal challenges in renewable energy integration. The proposed model follows a structured methodology by integrating z-scoring method to ensure expert representativeness, p,q,r-Fractional fuzzy sets to handle uncertainties, entropy method to compute the weights of the identified legal barriers and grey relational analysis to identify the most effective strategy alternatives. The main contribution is that prior investment strategies can be identified to overcome these legal challenges regarding the integration of renewable energy into urban development by creating a novel model. The use of p,q,r-Fractional fuzzy sets in this model provides an important contribution to the literature. With the help of considering these sets, more complex and multi-dimensional uncertainties can be managed more effectively. The findings highlight the significance of financial incentives and streamlined regulatory processes to have the sustainable transformation of urban areas. First published online 23 September 2025
subject: Articles
  topic: section
subject: renewable energy integration
  topic: keywords
subject: urban development
  topic: keywords
subject: legal challenges
  topic: keywords
subject: p,q,r-Fractional fuzzy sets
  topic: keywords
creator: Gang Kou
creator: Edmundas Kazimieras Zavadskas
creator: Ahmet Ayata
creator: Serhat Yüksel
creator: Hasan Dinçer
creator: Serkan Eti
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 2023
ending page: 2044
doi: 10.3846/tede.2025.23903

E-commerce policy, market integration and regional economic disparities: evidence from China’s national e-commerce demonstration cities
type: item
description: Using panel data of 284 cities at prefecture level and above in China from 2003 to 2022, this paper takes the National E-commerce Demonstration Cities (NEDC) as a quasi-natural experiment, employs the staggered difference-in-difference (DID) model to examine the impact of the NEDC policy on regional economic disparities (RED), and explores the mediating roles of factor and commodity market integration. The main findings are as follows: First, the NEDC policy significantly narrows RED, which still holds after a series of robustness tests. Second, the mechanism analysis demonstrates that the NEDC policy mitigates RED by fostering both factor and commodity market integration. Third, the inhibitory effect of the NEDC policy on RED is more pronounced in non-eastern cities, southern cities, commercial-based cities, ordinary prefecture-level cities and good business environment cities. Fourth, the NEDC policy exhibits a significant synergistic inhibitory effect on RED within 150 km radius of the demonstration cities. Moreover, the inhibitory effect of the NEDC policy becomes more pronounced at lower quantiles of RED. This study elucidates the role of e-commerce policy in narrowing RED and provides valuable policy insights for achieving coordinated regional economic development in the new era. First published online 16 July 2025
subject: Articles
  topic: section
subject: e-commerce policy
  topic: keywords
subject: National E-commerce Demonstration Cities (NEDC)
  topic: keywords
subject: regional economic disparities (RED)
  topic: keywords
subject: staggered DID model
  topic: keywords
subject: market integration
  topic: keywords
creator: Zhiping Qiu
creator: Tingting Yao
creator: Jianan Chai
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 1999
ending page: 2022
doi: 10.3846/tede.2025.23857

Unlocking the inverted-U: exploring the threshold impact of population aging on income inequality dynamics
type: item
description: As population aging unfolds at an unprecedented scale worldwide, its impact on income inequality continues to be contentious, with no clear consensus in the literature. Rather than viewing the aging-inequality linkage as solely positive or negative, this paper introduces a modified life cycle with precautionary behavior, indicating that inequality may initially worsen with aging before stabilizing at later stages. The Dynamic Panel Threshold Kink (DPTK) regression method is used to identify the threshold point of aging intensity at which the inequality begins to moderate following a period of intensification. The findings reveal a threshold aging intensity of 1.4%, which supports an inverted-U characterization of the aging-inequality nexus. The results suggest that liberalizing trade and improving government redistribution can assist countries experiencing a rise in inequality. At the same time, the prevalence of precautionary effects due to population aging may offer a natural defense against the detrimental effects of inequality over time. First published online 05 June 2025
subject: Articles
  topic: section
subject: income inequality
  topic: keywords
subject: population aging
  topic: keywords
subject: panel data
  topic: keywords
subject: kink threshold regression
  topic: keywords
creator: Muhammad Raees Shaik Saffarudin
creator: Chee Hong Law
creator: Koi Nyen Wong
creator: Soo Khoon Goh
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 1979
ending page: 1998
doi: 10.3846/tede.2025.23762

The technology innovation paradox in Asia’s leading innovative economies: the importance of renewable energy and green financing
type: item
description: The present study investigates the influence of green energy, technological innovation, financial development, natural resources, trade, and economic growth on environmental quality in four technologically innovative economies in Asia using data from 1990 to 2021. By adopting a holistic approach, it addresses gaps in the literature that often focus on isolated factors or regions. The findings provide actionable insights for policymakers to reconcile economic growth with ecological sustainability, offering a blueprint for sustainable development in Asia’s technological hubs. The Panel ARDL approach is used to evaluate the impacts in both the long and short term. Furthermore, we performed robustness tests using panel least squares, panel FMOLS, and panel DOLS techniques. The study’s findings indicate that technological innovation, financial development, and trade all have a long-term positive impact on environmental quality in Asia’s technologically innovative economies. However, green energy, natural resources, and economic progress had a negative impact on CO2 emissions. The findings from panel least squares, panel FMOLS, and DOLS also showed that technological innovation, financial development, and trade enhance the environmental quality. This investigation aims to assist policymakers in creating comprehensive plan that promotes environmental sustainability via technological improvements and renewable energy sources, with an emphasis on economic growth. First publihed online 05 June 2025
subject: Articles
  topic: section
subject: green energy
  topic: keywords
subject: technological innovation
  topic: keywords
subject: CO2 emission
  topic: keywords
subject: environmental sustainability
  topic: keywords
subject: financial development
  topic: keywords
subject: natural resources
  topic: keywords
creator: Abdul Rehman
creator: Hengyun Ma
creator: Muhammad Irshad Ahmad
creator: Zakia Batool
creator: Brayan Tillaguango
creator: Judith Oláh
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 1953
ending page: 1978
doi: 10.3846/tede.2025.23722

Trade liberalization, price transmission and household welfare: evidence from China
type: item
description: This paper estimates the welfare effect of trade through the price channel by jointly considering the consumption and income effect. The consumer price data and household survey data of China are used to conduct the empirical analysis. For assessing the consumption effect, the quadratic almost ideal demand system (QUAIDS) model is used to capture the substitution effect of price changes. We find that every household of China is better off due to the reduction of import tariffs, but there is a strongly pro-poor bias. More importantly, ignoring the substitution effect on the consumption side not only underestimates the absolute value of welfare changes but also distorts the distribution of welfare changes. Our results imply the importance of the consumption effect in estimating the welfare gain of households from trade liberalization. Our framework can also be extended to assess consequences of the opening policies of other economies. First published online 05 June 2025
subject: Articles
  topic: section
subject: trade liberalization
  topic: keywords
subject: household welfare
  topic: keywords
subject: price transmission
  topic: keywords
subject: consumption effect
  topic: keywords
subject: income effect
  topic: keywords
subject: distributional effect
  topic: keywords
creator: Teng Zhang
creator: Dai Zhou
creator: Shu Xu
creator: Zhiwei Xu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 1923
ending page: 1952
doi: 10.3846/tede.2025.23437

Assessing the risks of fintech development: the case of online illegal capital raising
type: item
description: This study examines the impact of financial technology (FinTech) on online illegal capital raising (ICR) in China. Using a large dataset of court judgments from China Judgment Online from 2014 to 2019, we observe a steady increase in the number and proportion of defendants involved in online ICR cases. Our empirical analysis shows that FinTech contributes significantly to the increase in online ICR, particularly in regions with low opportunity costs of crime and limited access to traditional financial services. The findings remain robust to different FinTech proxies, sample adjustments, and considerations of potential endogeneity. Weak regulatory oversight and higher potential criminal returns are key channels through which FinTech promotes online ICR. These findings highlight the need for stronger financial regulation, especially in high-risk regions, alongside efforts to improve public awareness of online investment risks. Strengthening regulation while promoting the positive role of FinTech in financial development is critical to mitigating emerging financial risks. First published online 15 April 2025
subject: Articles
  topic: section
subject: FinTech
  topic: keywords
subject: online illegal capital raising
  topic: keywords
subject: financial regulation
  topic: keywords
subject: crime rate
  topic: keywords
creator: Xin Zhang
creator: Jihong Shi
creator: Jinsong Zhao
creator: Xiuqin Wu
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 1894
ending page: 1922
doi: 10.3846/tede.2025.23390

How does city group risk-taking affect climate-friendly technology innovation in cities? Evidence from China
type: item
description: Climate-friendly technology innovation, which always comes with risk, is becoming an essential tool for Chinese cities to cope with climate change. As a macro variable, how does city group risk-taking affect climate-friendly innovation in cities? This study conducts a qualitative analysis on the basis of the theory of planned behaviour. Then, Chinese city data from 2008 to 2020 are employed to study the impact of city group risk-taking on climate-friendly technology innovation with city and year two-way fixed effects models. The results show: first, city group risk-taking promotes climate-friendly technology innovation in cities; for every one standard deviation increase in the level of city group risk-taking, the level of climate-friendly technology innovation in cities increases by 0.1294 standard deviations. Second, city group risk-taking improves a city’s market vitality and promotes the city’s governmental technology investments, both of which are conducive to climate-friendly technology innovation in cities. Third, the role of city group risk-taking in promoting climate-friendly technological innovation in cities is heterogeneous and is greater in cities with high enthusiasm for financial technology innovation, in cities with high population density and in cities with high environmental penalties. First published online 15 April 2025
subject: Articles
  topic: section
subject: group risk-taking
  topic: keywords
subject: market vitality
  topic: keywords
subject: government technology investment
  topic: keywords
subject: climate-friendly technology innovation
  topic: keywords
creator: Xiaohui Chen
creator: Hongwei Zhang
rights: Copyright (c) 2025 The Author(s). Published by Vilnius Gediminas Technical University. http://creativecommons.org/licenses/by/4.0
date: 2025-11-21
publication date: 2025-11-21
starting page: 1863
ending page: 1893
doi: 10.3846/tede.2025.23366