<abstract>
<title style='display:none'>Abstract</title>
The quality of transport infrastructure and the efficiency of logistics services enhance economic development. This study measures the effects of transport-freight common modals and logistics performance on the exports of goods in 29 developing economies based on micro fixed-effects panel data for the period 2012–2018. The endogenous model proved a positive relationship with countries’ outward orientation, highlighting the importance of transport infrastructure and logistics resources. The results revealed that the quality of roads and ports contribute significantly to higher exports in developing economies. However, the quality of airport infrastructure and logistics show a harmful effect. Notably, the logistics services level is a detrimental factor impacting the export of goods in developing economies. These results may adversely impact the potential contributions of other transport assets based on intermodal transport functionality and global market participation. Therefore, governments should prioritize formulating innovative policies and integration strategies with the private sector to improve the performance of logistics providers and fully utilize current transportation assets, particularly airports. These plans will facilitate higher exports, yield better development, and improve economic competitiveness while expanding export product diversification opportunities.
</abstract>

Transport Infrastructure Quality and Logistics Performance in Exports

<abstract>
<title style='display:none'>Abstract</title>
Social networks are not the same as they were 10 years ago. Now, in addition to the role of “socialization”, their basic role, marketing has also intervened. Marketing can be defined as the art of identifying and satisfying customer needs while producing profit. Nowadays, through social media marketing, a company can promote itself or present products and services very easily, while being able to target exactly the desired people, which translates into making more profit. Our paper provides arguments on the influence of social media in travel decisions, and it’s based on a study of consumer behaviour in this field. The study began from our interest in the way social networks influence our personal decision to travel, to visit a certain area or a certain landmark, so we wanted to find out more information about how this “hypnosis” works. The main hypothesis of the study was that people are influenced by social networks in their travel decisions and according to the results, the hypothesis was confirmed. 91.35% of the total participants in the study were tempted to travel because of a photo seen on a social network, therefore, a good social marketing campaign could really make a difference in travel decisions.
</abstract>

The Influence of Social Networks in Travel Decisions

<abstract>
<title style='display:none'>Abstract</title>
Trade facilitation promotes increased opportunities to participate in international trade. Current research has mainly analyzed the impacts of tariff-related and trade barriers. Nevertheless, as trade policies shift toward removing non-tariff barriers, studies addressing core elements become relevant, requiring a more systemic view at a simultaneous level. The study proposes that transportation infrastructure (i.e., roads, seaports, railroads, and airports) and logistics are core elements supporting trade facilitation efforts at the local level. The study provides empirical evidence on the direct and indirect effects among transportation infrastructure, logistics, trade facilitation, and trade. Partial least squares–structural equation modeling is the main empirical method employed to examine the interrelationship of the quality of transportation infrastructure, logistics, trade facilitation, and trade using a sample of 80 countries for the years 2012, 2014, and 2016. There is a large direct effect of transportation infrastructure on trade facilitation and a vast direct effect on logistics. Logistics has a small direct effect on trade facilitation. I also conduct mediation analyses, which show that logistics has a larger effect on trade via trade facilitation than transportation infrastructure quality has. These findings suggest that trade facilitation implementation might not be enough to tackle current challenges and ongoing economic development. Governments should prioritize the integration of logistics stakeholders in the public sector to optimize the benefits of global networks. Thus, the significance of transportation infrastructure and logistics in trade should not be neglected, as the private sector (i.e., logistics providers) play a large and relevant role in practice.
</abstract>

The Effect of Transport and Logistics on Trade Facilitation and Trade: A PLS-SEM Approach

<abstract>
<title style='display:none'>Abstract</title>
When describing the state of the modern world, we can name it “marginal”, i.e. the one where there are hardly any orientations, with organizations having to face barriers in the business processes, which makes them constantly revise the strategies, methods or approaches to the achievement of their goal. It was in 2016 that Jamais Cascio, a futurologist and a researcher from the Institute of Future, brought forward a new conception being in perfect conformity with the present-day situation, dominated by the pandemic provoked by COVID-19, political imbalances, resource deficit, climatic disasters and the war that keeps us in tension. The new term that he proposed to use consisted of the abbreviations, i. e. BANI (brittle, anxious, nonlinear, incomprehensible world without a clear structure). Given that the development of organizations in BANI environment requires from managers the ability to use a symbiosis of various administrative competencies, the article defines the essence of various categories of competencies needed by an effective manager of today and analyses specific ways of their fostering in BANI environment. Three groups of competencies required for an effective manager were outlined. The analysis of conditions in which the Ukrainian business had to operate in the first year of the Russian-Ukrainian war, when businessmen and managers had to take administrative decisions concerned with the fate of their organizations and employees in the situation of survival, to exert extreme effort due to the simultaneous change in many business aspects and the impracticability of any kind of projection, with lack of mental and emotional support, allowed for categorizing the Ukrainian business environment in time of the war as BANI environment. Many companies had to close, but many of them could transfer their facilities and adapt to the present-day realities, change the vector of management and even introduce on new markets in spite that the Ukrainian economy had reduced by one third. This could be possible thanks to skilful actions of managers. The authors’ research allowed for a revision of the key competencies of effective managers in BANI environment with consideration to the Ukrainian realities for doing business. A set of administrative competencies allowing companies for not only keep afloat but to develop new business processes in the realities of war was defined. It is stressed that today Ukrainian managers are urgently in need to develop administrative competencies that help support and expand business, bring the staff together in consolidated and highly professional teams, set up business communications.
</abstract>

The Key Administrative Competencies of Managers Required for Company Development in the Bani World

<abstract>
<title style='display:none'>Abstract</title>
The purpose of this paper is to examine the work strategies adopted by leading Indian IT companies post COVID-19 and their institutional and individual level implications. Following the exploratory sequential mixed-method approach, in the first phase, the data were collected from 8 leading IT companies in India to understand the work strategies implemented post COVID -19 to ensure employees’ safety without disrupting client deliverables. In the second phase, the primary qualitative interviews were conducted and selected IT companies’ financial statements with a systematic analysis of financial indicators were used to gauge the impact of new work strategies. The study reveals the selected IT companies were embracing Work-From-Home or Work-From-Anywhere as their work strategies by ensuring little to no disruption, were armed with a host of technology tools that allowed employees’ swathes to new work-norm within hours. The study findings manifold implications of the new work-norm are that it has no negative impact on the companies’ client deliverables and profitability. The paper confirms that the remote-working approach has resulted in reduced carbon footprint, work-life balance, and de-urbanization while identifying the flip side of this approach as the negative impact on team cohesiveness and employee emotional wellbeing. This research confirms the critical lesson learned from COVID-19 is agile companies must plan for a range of incomprehensible contingencies to ensure business continuity and growth. The research findings contribute towards understanding the Indian IT sector experiences in adopting the remote-work strategies and taken as lessons that can be useful for other global IT sectors.
</abstract>

Post COVID-19 Work Strategies and Implications: Insight on Indian it Sector

<abstract>
<title style='display:none'>Abstract</title>
The COVID-19 virus pandemic has influenced tourism policy makers to change their decisions and management methods due to the new challenging situation. The inability to establish normal tourism business, due to difficult mobility of tourists and unfavorable epidemiological situation, has led to finding various innovative solutions that could help improve results in tourism. In addition to improve the current situation, the innovations introduced during the pandemic were aimed at bringing certain changes in the coming period, when the tourism industry is not burdened by the pandemic, which will accelerate the growth of the tourism economy. The main goal of this paper is to point out certain models of implementation of innovative solutions, which could affect the more dynamic development of tourism in Montenegro. The subject of research in this paper are innovations in tourism and their application with special reference to Montenegro. Montenegro has not yet fully recognized the importance of introducing innovations in tourism, so the next period should be dedicated to their implementation. The tourist offer of Montenegro should be enriched by the introduction of new specific forms of tourism, in order to adequately meet the demands of the main emitting markets. In addition to the innovative tourist offer, solutions should be sought in the integration of digital and virtual technologies into marketing functions, because the modern tourist business is increasingly relying on these technologies. Research has shown that it is necessary to work on creating new strategies and plans that will more studiously deal with this issue.
</abstract>

Innovation in tourism as a model of recovery in the postpandemic period

<abstract>
<title style='display:none'>Abstract</title>
This research article investigates the relationship between inflation and the performance of the financial sector within OECD countries, a group critical to global economic stability. The financial sector is a basis of sustainable economic growth, and its performance is heavily influenced by the macroeconomic environment, particularly inflation. This study analyses how inflation, alongside other significant factors such as real GDP growth, government size, trade openness, and interest rates, impacts the financial sector development. By examining data from 38 OECD countries over a 20-year period (2002-2021), this research employs a comprehensive approach using both static and dynamic panel regression models. The results consistently indicate a negative correlation between inflation and the key financial sector variables, suggesting that higher inflation levels undermine financial sector performance. These findings underscore the importance of maintaining low and stable inflation to foster an efficient and stable financial sector. This study makes a valuable contribution to the literature by focusing specifically on OECD countries, which are often seen as benchmarks for economic policies and financial systems.
</abstract>

The Impact of Inflation on Financial Sector Performance: Evidence from OECD Countries

<abstract>
<title style='display:none'>Abstract</title>
The article aims to provide a comprehensive overview of both theoretical concepts and practical applications regarding the transformation of business models in the context of digitalizing the economy. In the current digital landscape, traditional business models may no longer suffice to sustain growth and competitiveness. Therefore, there is a pressing need to identify and adopt novel approaches that leverage digital technologies to their fullest potential. By examining the latest trends and emerging paradigms in economy’s, the article aims to re-think their strategies and embrace digital transformation proactively. This involves not only incorporating technology into existing operations but also reimagining the entire business model to capitalize on new opportunities and address evolving consumer behaviors. Furthermore, the article aims to provide practical insights and actionable recommendations for businesses looking to embark on their digital transformation journey.
</abstract>

Business Models of Enterprises in the Conditions of Digital Transformation: Global and Domestic Experience

<abstract>
<title style='display:none'>Abstract</title>
In the era of rapid technological progress, the influence of dizitalization on different aspects of international economic activity can’t be overstated. The aim of this article is to conduct a comprehensive comparative study of digitalization’s impact on global goods and services markets, with a specific focus on advanced and developing economies using multiple linear regression. The research methodology involved comprehensive data collection for 35-38 advanced economies and 52-66 developing economies depending on the availability of data. The analysis included depended variables (18 export and import goods sectors and 18 export and import services), independent variables (digitalization, consisting of ICT deployment, ICT export and import, ICT investment variables), control variables such as GDP growth, CPI, trade openness, exchange rate and political stability. The findings demonstrate the ICT infrastructure and ICT exports positive impact on export of technology-intensive goods, such as ores and metals, machinery and equipment, and tools and devices in advanced economies. Digitalization’s positive impact on trade in goods appeared weaker in developing economies, potentially due to lower levels of ICT adoption or differing export focuses. ICT export has positive impact on financial services imports, indicating a reliance on imported financial services while exporting ICT capabilities. The model shows a high success rate depending on variables. The study highlights digitalization’s varied impact on advanced and developing economies, emphasizing its importance for trade, competitiveness and policymakers in the global market.
</abstract>

Comparative Study of Digitalization Impact on Global Goods and Services Markets in Advanced and Developing Economies

<abstract>
<title style='display:none'>Abstract</title>
Privacy/anonymity of digital transactions is an issue that potentially may affect demand for central bank digital currency. Does discussions about privacy paradox related to CBDC? In this paper, basing on the respondent’s survey, we construct indexes of privacy preferences (in general, in digital and financial environment) to identify relations between stated preferences in different contexts and between choice toward anonymity vs functionality of CBDC, trust to central bank as CBDC issuer and its independence as a precondition to guaranty anonymity of transactions. We find that generally respondents demonstrate consequence of preferences in terms of, what we call, general privacy, privacy in digital and financial environment. Distribution of obtained 3 indexes demonstrates some differences. Probit model also demonstrates that relation between choice toward anonymity over functionality of CBDC and level of 3 indexes is modest. Where is no correspondence between choice toward anonymity over functionality and trust in central bank and its independence. However, respondents demonstrate high level of trust in central bank ability to guaranty anonymity of transactions and view independence as supporting it even opting functionality over anonymity. We reach a conclusion that some weak form of privacy paradox is exist, central banks, promoting CBDC, should stress on functionality of it. However, privacy should not be ignored. It is better to have it as “nice bonus” to functionality of CBDC.
</abstract>

CBDC, Trust in the Central Bank and the Privacy Paradox

<abstract>
<title style='display:none'>Abstract</title>
Purpose: The purpose of the present study is to identify prerequisites for business development in the conditions of polycrisis in the EU member states of South-Eastern Europe. In the context of digital transformation and the low-carbon transition, this can have an impact on changing their economic policy.
Design/Methodology/Approach: The object of research are selected macroeconomic performance indicators of selected EU member states from Southeast Europe (Bulgaria, Romania, Croatia), which are key their business development. The subject is the determination for the business development in conditions of polycrisis and digital transformation. Methodology is mainly based on descriptive analysis and statistical analysis. The main hypothesis proves the statement that in the conditions of polycrisis in the studied period between 2018 and 2022, the three SEE countries (Bulgaria, Romania and Croatia), underestimate the significance of business development in the field of investments and innovations, reforms and institutional environment, and fiscal policy efficiency.
Findings: Identifying key determinants that respond to exogenous shocks in specific regions of the EU may be useful for changing its fiscal policy and also help countries take measures to create the conditions for business development. Also, it can lead to optimization of corporate management and investment processes.
</abstract>

Prerequisites for Business Development in South-Eastern Europe in the Conditions of Polycrisis and Digital Transformation

<abstract>
<title style='display:none'>Abstract</title>
In practice, it is often found that the iconic woven sarong products from Samarinda still produce classic models without any new breakthroughs according to tastes, interests across generations, and market segmentation. Until now, another obstacle has been the difficulty of finding skilled artisans to modernize Samarinda’s woven sarongs. Following up on these dynamics, the manuscript aims to explore the causality between creativity and product innovation on the business continuity of the Samarinda woven sarong craft. In the study context, the independent variable is modified to include creativity and product innovation, while the dependent variable is focused on business continuity. To project the effect of creativity and product innovation on business continuity, a purposive sampling approach was associated with 261 sarong-woven craftswomen in Samarinda who still exist today. From the existing interview data, the data is tabulated using a multiple linear regression technique. Quantitative evidence shows that creativity has a significant effect on business continuity in the Samarinda woven sarong craft, but product innovation has an insignificant effect on business continuity in the Samarinda woven sarong craft. The implications for the future can be evaluated based on this research. Then, further theoretical insights can be expanded by exploring factors beyond creativity and product innovation.
</abstract>

Does Creativity and Product Innovation Build Business Continuity? Investigation of Samarinda Weaving Craft

<abstract>
				<title style='display:none'>Summary</title>
				Digital transformation as integration of digital technology into business results in fundamental changes of way world does business, communicate and develops on national and international level. There is increase of high-tech public spending which is connected with increase of need for high-tech as well as importance and benefits that it brings to development of economy. This so called digital or high-tech sector is one of the strategic sectors in the leading world economies, starting from the US and the European Union. EU recognized it in strategic document “Europe 2020” which sees this sector as key factor in smart growth based on tech knowledge and innovation. Europe, especially western and northern Europe, is trying to keep its competitiveness in global tech arena with USA and fast developing countries such as China and India as well as Asian tech giants such are Japan, South Korea and Singapore. There is increase of European countries investment in digital transformation through private and public ICT sector development which usually has positive impact on economic growth as well as key indicators such are GDP, productivity and employment. This paper provides basic review of digital transformation and high-tech sector in Europe as well as comparison between EU and Western Balkan countries. Additionally, there is analysis of influence of ICT spending on GDP growth. Paper could serve as basic for further research in area of influence of tech investment on key macroeconomics indicators.
			</abstract>

Digital Transformation and Its Influence on GDP

<abstract>
<title style='display:none'>Abstract</title>
The Logistics Performance Index (LPI) performed by the World Bank is an indicator of the logistics environment quality of a country in which logistics operators act. The LPI is an interactive tool designed to help countries identify challenges, innovative solutions, and opportunities they face in their work in the field of trade and logistics. The aim of this paper is to conduct a comparative analysis and ranking of the LPI of the countries in the Western Balkans (Bosnia and Herzegovina, North Macedonia, Albania, Serbia and Montenegro), calculated by the World Bank for 2018, using an integrated Criteria Importance Through Intercriteria Correlation (CRITIC)-Measurement Alternatives and Ranking according to Compromise Solution (MARCOS) model and thus show the real picture of the logistics environment. In order to determine the performance of countries and show the overall logistics performance, six key dimensions are used: customs, infrastructure, international transport, logistics capability, tracking and tracing of goods and shipment delivery within scheduled or expected times. Using the CRITIC method, the weight values of the previously mentioned six criteria were calculated, whereby the criterion related to shipment delivery within scheduled times was singled out as the most significant criterion. Then, by applying the MARCOS method, the countries of the Western Balkans were ranked on the basis of the six defined criteria. Based on the results obtained, the best-ranked country is Serbia. The analysis of the sensitivity of the results to changes in the significance of the criteria does not show significant changes in the ranking.
</abstract>

Hybrid MCDM Solutions for Evaluation of the Logistics Performance Index of the Western Balkan Countries

<abstract><title style='display:none'>SUMMARY</title>This paper aims to the analysis of the most common methods of controlled transactions, and the interpretation of the arm’s length principle under the view of the tax income comparison between countries with high and low tax rates. Moreover, the factors of comparability scrutinized with a mathematical approach which shows how the tax factors interact within the countries’ economies in the frame of a global view.</abstract>

Methods of Controlled Transactions and the Behavior of Companies According to the Public and Tax Policy

<abstract>
<title style='display:none'>Abstract</title>
Blockchain technology originally finding applications in Fintech and supply chain management is rapidly expanding applications to other industries as well as the public sector. “Blockchain has been compared to the invention of the internet and its comprehensive impact on almost every industry.” R. Beck and B. Markey-Towler (2017) A recent study by PWC (2020) found that, “Blockchain technology has the potential to boost global gross domestic product by $1.76 trillion USD over this decade.” It has been argued that the digital revolution has favored more developed nations and that has helped create a “digital divide” with less developed nations. Business and governmental infrastructure in developing nations have lagged that of more developed nations. Some of these challenges faced by developing nations include the registration of property ownership, financial systems, modern efficient supply chains often accompanied by a lack of trust and the ability to verify and audit organizational processes rapidly and economically. Blockchain technology has the promise to address many of the critical needs of developing countries internally and in external trade relationships to help enable them to be more competitive. This paper will review the literature and examine the impact of Blockchain technology on how its adoption may ameliorate many of these critical challenges for developing nations helping to improve governance and economic benefits that are shared more equitably. Potential for both positive and negative impacts with be discussed along with policy implications for public policy makers and private enterprises.
</abstract>

How Can Blockchain Contribute to Developing Country Economies? A Literature Review on Application Areas

<abstract>
<title style='display:none'>Abstract</title>
The global pandemic, as an unprecedented event in the recent past, has significantly changed the modern world. Numerous companies and individuals have faced various challenges that are still present. The aim of this paper is to review the impact of pandemic on financial innovation, fintech companies, cryptocurrencies, the development of a cashless society, and cyber risk. It tests two already confirmed hypotheses: H1: COVID-19 pandemic has affected the development of financial innovations and cashless society; and H2: COVID-19 pandemic has led to increased cyber risk. The method applied is desk research, i.e. a review of the existing studies and their unification. The paper shows that fintech companies proved to have been resilient during the crisis since they have managed to change their business model and offer new products and services (financial innovations). It also indicates that it is obvious that the number of cashless transactions have increased due to the pandemic, but that it is still not reasonable to expect a completely cashless society in the near future. The paper highlights that cyber risks are on the rise owing to the growth of cashless transactions and digitalisation of businesses driven by the global pandemic.
</abstract>

Impact of Covid-19 Pandemic on Financial Innovation, Cashless Society, and Cyber Risk

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ECONOMICS

Innovative and Economics Research Journal

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We are pleased to inform you that ECONOMICS-Innovative and Economics Research Journal has been indexed by <A...