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<title style='display:none'>Abstract</title>
The aim of the paper is to analyse the likely implications of Generative AI (GAI) on various aspects of business and the economy. Amid the rapid growth and maturing of Generative AI technologies such as Large Language Models (like ChatGPT by OpenAI) a rapid growth of both immediate and potential applications can be seen. The implications for the economy and industries of this technological shift will be discussed. The foreseeable scenarios for the level and types of adoption that GAI might achieve—from useful analytical tool, invaluable assistant to the white-collar workers of the world to being trusted with a wide array of business and life-critical decision making. Both disruptive and premium service opportunities are foreseen. For instance, general purpose models may provide quality service—such as copywriting—to overserved customers leaving human writers as the premium option. In this context, overserved customers would be those who would be satisfied with a non-human, potentially less creative content. On the other hand highly specialized models—specifically trained in a given domain and with access to proprietary knowledge can possibly provide a premium service over that provided by human experts. It is expected that some jobs will be replaced by new AI applications. However, new workplaces will emerge. Not only the obvious expert-level data scientist roles but also low grade, “model supervisors”—people training the models, assessing the quality of responses given and handling escalations. Lastly new cybercrime risks emerging from the rise of GAI are discussed.
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The rise of Generative AI and possible effects on the economy

<abstract>
<title style='display:none'>Abstract</title>
The aim of this paper is to discuss the role and impact of Generative Artificial Intelligence (AI) systems in higher education. The proliferation of AI models such as GPT-4, Open Assistant and DALL-E presents a paradigm shift in information acquisition and learning. This transformation poses substantial challenges for traditional teaching approaches and the role of educators. The paper explores the advantages and potential threats of using Generative AI in education and necessary changes in curricula. It further discusses the need to foster digital literacy and the ethical use of AI. The paper’s findings are based on a survey conducted among university students exploring their usage and perception of these AI systems. Finally, recommendations for the use of AI in higher education are offered, which emphasize the need to harness AI’s potential while mitigating its risks. This discourse aims at stimulating policy and strategy development to ensure relevant and effective education in the rapidly evolving digital landscape.
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Challenges for higher education in the era of widespread access to Generative AI

<abstract><title style='display:none'>Abstract</title>The aim of this article is to analyze the economic aspects of cybersecurity of critical infrastructure defined as physical or virtual systems and assets that are vital to a country’s functioning and whose incapacitation or destruction would have a debilitating impact on national, economic, military and public security. The functioning of modern states, firms and individuals increasingly relies on digital or cyber technologies and this trend has also materialized in various facets of critical infrastructure. Critical infrastructure presents a new cybersecurity area of attacks and threats that requires the attention of regulators and service providers. Deploying critical infrastructure systems without suitable cybersecurity might make them vulnerable to intrinsic failures or malicious attacks and result in serious negative consequences. In this article a fuller view of costs and losses associated with cyberattacks that includes both private and external (social) costs is proposed. An application of the cost-benefit analysis or the Return on Security Investment (ROSI) indicator is presented to evaluate the worthiness of cybersecurity efforts and analyze the costs associated with some major cyberattacks in recent years. The “Identify, Protect, Detect, Respond and Recover” (IPDRR) framework of organizing cybersecurity efforts is also proposed as well as an illustration as to how the blockchain technology could be utilized to improve security and efficiency within a critical infrastructure.</abstract>

Cyberattacks on critical infrastructure: An economic perspective

<abstract><title style='display:none'>Abstract</title>The aim of this paper is to bring together some of the foundational and recent literature interlinking corporate governance and the leadership role of the board of directors. Strategic leadership is widely assumed to be a responsibility that defaults to the Chief Executive Officers (CEOs). However, in practice, what most CEOs do is strategic management rather than strategic leadership. While strategic management does share key aspects of strategic leadership CEOs are expected to prioritize the managerial side over the leadership side. This is just one of the situations in which the board-room assumes the leadership role. This paper discusses how boards of directors conduct the process of strategic leadership in their organizations. In recent years there has been an increasing interest among scholars to understand how boards strategize from a behavioral point of view. This growing interest has resulted in the development of various typologies regarding boards’ involvement in the strategic leadership processes.</abstract>

Boardroom leadership: The board of directors as a source of strategic leadership

Introduction to the thematic issue on digitalisation, big data, and artificial intelligence

<abstract><title style='display:none'>Abstract</title> VR technology is an emerging IT innovation that greatly affects consumer behaviour and consumer perception of products. The aim of this study is to examine how the virtual reality phenomenon can be used as a marketing communication tool and how its usage affects the reception of individual components of a marketing message. The research conducted examined the possible impact of virtual reality on message perception and attitude towards particular offers. Additionally the authors wanted to find out whether there was a relationship between the use of virtual reality and the acceptance of new technologies in marketing communication. To verify the stated hypotheses empirical research was conducted involving an experiment with 150 observations of respondents taking advantage of three different marketing communication tools including: VR presentation with Oculus Rift hardware, video and printed advertisements. The results obtained reveal that VR technology positively and significantly impacts the reception of the offer, the technology involved and the presentation itself.</abstract>

Virtual Reality in Marketing Communication – the Impact on the Message, Technology and Offer Perception – Empirical Study

<abstract><title style='display:none'>Abstract</title>
This study investigates the impact of renewable (REW) and non-renewable (NREW) energy usage, along with economic growth (GDP), on carbon dioxide (CO2) emissions in the Visegrad countries, which rely heavily on traditional energy sources. Using data from 1991 to 2021, the analysis employs a panel asymmetric regression with Driscoll-Kraay and FGLS standard errors. The latent cointegration test reveals long-term relationships with asymmetry among the variables. Real GDP fluctuations exhibit a negative impact on CO2 emissions for both positive and negative shocks. A reduction in conventional energy source consumption leads to a greater CO2 emission reduction, confirming asymmetry. Conversely, an increase in consumption positively impacts CO2 reduction. However, non-conventional energy sources show no asymmetries. The OLS-based model proposed by Driscoll-Kraay showed reduced standard errors, but lower significance in the estimated parameters compared to the FGLS model. The findings recommend a sustainable energy transition for Visegrad countries by eliminating traditional sources and promoting renewable resources.
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Assessing the long-term asymmetric relationship between energy consumption and CO2 emissions: Evidence from the Visegrad Group countries

<abstract><title style='display:none'>Abstract</title>
This article aims to analyse the asset-backing risk of stablecoins, focusing on international accounting standards, classification criteria, and auditing standards and using Tether as a case study. It examines Tether’s issuance, backing, controls, ratios, and regulations to assess risk transmission and mitigation. The results suggest a need for unified and strengthened accounting and auditing standards to enhance user confidence. Liquidity, solvency, and debt ratios were applied to Tether’s balance sheets; while Tether has made efforts to increase its transparency, and although it possesses highly liquid assets, challenges remain regarding its liquidity, solvency, and debt. An independent auditors’ valuation is crucial for investor confidence, demonstrating that more specific regulations are required for stablecoins. Future research should explore other stablecoins to comprehensively understand the accounting and auditing challenges in the field.
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The asset-backing risk of stablecoin trading: The case of Tether

<abstract><title style='display:none'>Abstract</title>
This research aims to explore the role of the board in corporate governance (CG) and risk management within the context of Islamic banking. Given the global reach of financial institutions, it is important to compare and evaluate the unique position of Shari’ah committees or Shari’ah Supervisory Board (SSB) in addressing the unique risks of Islamic banks. Using a comparative analysis, this study evaluated risk management guidelines in the CG codes of the United Kingdom, Germany, Saudi Arabia, and Malaysia. It found that board were ultimately responsible for risk management, regardless of the governance structure, and Shari’ah-related risks fell under the board’s purview. An innovative blend of Western CG frameworks and Islamic principles enhanced governance robustness through the strategic collaboration between board and SSBs.
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Corporate governance and risk management: An evaluation of board responsibilities in western and Islamic banks

<abstract><title style='display:none'>Abstract</title>
This paper aims to discuss the notion of silver entrepreneurship in the context of the silver economy. Policy-wise knowing who silver entrepreneurs are and what it takes to support them is an essential step to productively managing the ageing population and promoting an age-ready but age-friendly approach to creating a sustainable economy and society in the new demographic reality. The paper provides a theoretical and empirical literature review of silver entrepreneurship to identify the current state of the art. It also identifies selected policies and strategies aiming to foster silver entrepreneurship, representing a more inclusive and age-diverse entrepreneurial landscape. The silver entrepreneurship proves to be a challenging research field due to the elusive nature of entrepreneurship itself and the lack of universal definitions for this phenomenon.
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Silver entrepreneurship: A golden opportunity for ageing society

<abstract><title style='display:none'>Abstract</title>
This study aims to identify what determines the use of biometric technologies in the financial applications of banks and FinTechs. The analysis uses data from a survey of 1,000 adult Polish residents. The estimated logit model indicates that the probability of using biometric solutions decreases with age and increases with the level of education and technological sophistication related to personal innovativeness, experience with biometric technology and the use of digital technology in both financial and non-financial areas. The work identifies the COVID-19 pandemic as a factor accelerating the adoption of biometric solutions and fostering awareness of the threat of digital technologies invading respondents’ privacy. The study demonstrates the positive impact of trust that phone manufacturers use to ensure the security of stored funds and data processing on the acceptance of biometric solutions in financial services. This relationship underpins the recommendation to financial institutions in the field of promoting biometric technologies.
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Determinants of consumer adoption of biometric technologies in mobile financial applications

<abstract><title style='display:none'>Abstract</title>
This paper discusses some of the important insights from behavioral finance for international monetary and financial analysis. A broad approach to behavioral finance is advocated which includes analysis of the effects of uncertainty, perverse incentives, and complexity economics as well as the cognitive biases focused on in the initial contributions to behavioral finance. It offers reasons why capital mobility is often not perfect and expectations are sometimes not rational. Correctly interpreted it is not a wholesale attack on efficient market theory but rather argues that markets can behave differently at different times, being efficient sometimes and subject to destabilize or insufficiently stabilizing speculation at others and focuses on the conditions that make different types of behavior more likely. It helps provide insights into issues such as currency crisis, the effects of official intervention in foreign exchange markets, the international monetary trilemma, capital flow surges and reversals, the discipline effects of fixed exchange rates and international financial markets and why uncovered interest rate parity often does not hold.
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Some implications of behavioral finance for international monetary analysis

<abstract><title style='display:none'>Abstract</title>Countries can check the performance of their logistics’ activities to determine their competitiveness in trade logistics. One way to check these performances is to analyze the country’s LPI value in detail which is released by the WB every two years. When calculating the LPI, six indicators (criteria) are taken into account. The weights (importance level) of these criteria are important for countries which would like to focus more on the most important criteria and move their ranking up in the LPI list. However the WB takes into account indicators (criteria) weights equally when calculating LPI values. In order to overcome this problem some studies have used subjective weighting methods and others have used objective weighting methods. Both methods have advantages and disadvantages. The aim of this study is to integrate two weighting methods (subjective (SWARA) and objective (CRITIC)) in determining the weights of criteria in order to balance the two weighting methods. Unlike other studies in the literature this study combines two weighting methods. Additionally the PIV method, which is seldom used to address any MCDM problem, is used in this study and a new integrated MCDM model is introduced to literature. In this respect this study contributes to the literature.</abstract>

An analysis of the logistics performance index of EU countries with an integrated MCDM model

<abstract><title style='display:none'>Abstract</title>The aim of the paper is to identify and assess the role of economic sciences in relation to competitiveness and globalisation, two basic concepts of the market economy. This role is to explain and interpret their essence but also to determine their potential practical usefulness, primarily in the context of economic policy development. The considerations mentioned in the article are, as a rule, of a general and universal nature and do not relate especially to any particular countries or groups of countries. The basic method employed in the study is a critical analysis of the subject literature. The paper consists of an introduction, three sections, and conclusions. Section 1 contains a basic discussion of the subject of economic sciences and describes their four features: cognitive productivity, practical usefulness, dismal nature and beauty. Section 2 presents the contribution of economic sciences to understanding and interpreting the phenomenon of competitiveness. Section 3 focuses on defining and elucidating the idea of globalisation and an examination of its most important aspects. The paper ends with eight conclusions formulated on the basis of this discussion.</abstract>

Competition and globalisation in economic sciences. Selected aspects

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