<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>
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>
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>
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>
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>
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>
Assessing the financial health of banks is crucial to ensure the stability of the financial system. This is not only a way to safeguard the interests of customers and shareholders but also to prevent inherent risks and ensure reliability in banking operations. Thus, evaluating financial health plays a crucial role in maintaining stability and sustainable development in the banking sector. This study employed three methods: RAM (Root Assessment Method), PSI (Preference Selection Index), and SRP (Simple Ranking Process), to assess the financial health of twenty-eight banks in Vietnam. Capital adequacy rating, asset quality rating, management rating, earnings rating, liquidity rating, and sensitivity to market risk rating are the six criteria used to characterize each bank. The evaluation results using these three methods were compared with each other and with the evaluation using the CAMELS rating system. The study identified banks with good financial health and those with weak financial health. The notable point is that the results of ranking financial health of banks using three methods: RAM, PSI, and SRP, and according to the CAMELS system are quite similar. These findings are vital in providing valuable information for managers and investors, aiding them in making informed decisions regarding investment, risk management, and development strategies based on empirical data.
</abstract>

Innovation in Financial Health Assessment: Applying MCDM Techniques to Banks in Vietnam

<abstract>
<title style='display:none'>Abstract</title>
Each states play pivotal roles in contributing to the economic performance of the nation. They have their own unique economic strengths, resources, and industries that contribute to the overall economic development. Terengganu, an east coast state in Malaysia has historically faced economic challenges, marked by a lag in development compared to other regions. The fundamental problem addressed is the potential correlation between educational attainment and the region’s economic growth, aiming to understand how advancements in education might serve as a catalyst for economic progress. The objective of this research is to empirically analyze the impact of educational achievement on the economic development in Terengganu. Utilizing secondary data sourced from the Department of Statistics Malaysia and Economy Planning Unit Terengganu spanning from 2006 to 2022, Autoregressive Distributed Lag (ARDL) model has been employed to estimate and understand the relationship between educational attainment and economic development. The findings suggested that educational achievement plays positive impact in heightening the economic development within the region. Education contributes to the development of human capital, fostering a skilled and knowledgeable populace capable of engaging in diverse economic activities. This, in turn, attracts investments and facilitates the emergence of industries and sectors that rely on a knowledgeable and skilled labour force. This study would provide valuable insights for policymakers and academicians to formulate targeted policies and initiatives, ultimately enhancing the economic development of the states, thus contribute to a prosperous Malaysia.
</abstract>

From Classrooms to Economies: Examining the Educational Achievement-Economic Development Nexus

<abstract>
<title style='display:none'>Abstract</title>
The present study examines the patterns of foreign direct investment (FDI) in Kazakhstan and draws comparisons with global trends. Based on statistical data spanning from 2000 to 2022, the study reveals that the growth of FDI in Kazakhstan has exhibited greater volatility and speed compared to developed nations. However, it is strongly associated with global FDI inflows and the growth of gross domestic product (GDP). This article aims to examine the patterns and determinants influencing FDI in Kazakhstan and to juxtapose these patterns with global trends. The main approach used in the study was systematic. The article’s contribution lies in its provision of novel insights into the dynamics of FDI in Kazakhstan and its correlation with economic growth. Furthermore, the article elucidates the various factors that contribute to the expansion of FDI in Kazakhstan, while also offering suggestions for the development of public policy in this domain. The article provides a comprehensive examination of FDI patterns in Kazakhstan, comparing them to global trends and identifying the factors that influence the dynamics of FDI. Furthermore, the article offers suggestions for expanding the economic base of Kazakhstan beyond its reliance on the oil and gas industry, enhancing focus on high-tech and innovative sectors, and enhancing the institutional framework.
</abstract>

Foreign Direct Investment and Economic Development: An International Perspective

<abstract><title style='display:none'>Abstract</title>
The paper delves into the concept of Society 5.0, which envisions a future society integrating advanced technologies with human-centred values to address current social challenges. It emphasizes the importance of aligning advanced technologies with human-centred values and social preferences to ensure the success and sustainability of Society 5.0. We offer comprehensive insights into the complex interplay between social welfare preferences and societal progress, emphasizing the significance of understanding and addressing societal preferences to foster inclusive, sustainable, and efficient societies aligned with the objectives of Society 5.0. The findings provide valuable guidance for policymakers and stakeholders in developing targeted interventions and policies that address critical societal challenges and foster progress across various well-being dimensions. The study emphasizes the importance of considering social preferences in the development of Society 5.0 and highlights the need for a holistic approach that integrates social preferences into the development framework. The study unveils that economic success does not guarantee societal advancement, as the array of social preferences reflecting the diversity of SWP impacts a country’s trajectory towards Society 5.0. By combining theoretical and empirical methodologies, we offer robust qualitative and quantitative insights for crafting optimal policies across different scenarios of individual SWPs and their effects on achieving social progress
</abstract>

Uncovering the Interplay Between Social Welfare Preferences and Society 5.0 Achievement: Implications for Sustainable Development

<abstract><title style='display:none'>Abstract</title>
Business performance is an urgent topic to explore because there are many aspects that influence it. One thing that can guarantee business performance is open-minded entrepreneurship, uncertain readiness, and entrepreneurial optimism. In this context, businesses in the form of Food and Beverage (F&amp;B) have become popular in the last few decades in Indonesia. From this research, it investigates the effects of open-minded entrepreneurs, uncertain readiness, and entrepreneurial optimism on business performance. Apart from that, it also dissects the relevance of open-minded entrepreneurship and uncertain readiness on business performance which is mediated by entrepreneurial optimism. The quantitative method was operated via an online survey involving cafe and restaurant owners (N = 128) spread across several big cities in Indonesia. Then, the data was analyzed using Structural Equation Modeling-Partial Least Square (SEM-PLS). As a result, of the five hypotheses developed, three were accepted. Open-minded entrepreneurship, uncertain readiness, and entrepreneurial optimism are proven to influence business performance. On the one hand, the other two hypotheses are rejected, where open-minded entrepreneurship or uncertain readiness have no impact on business performance through entrepreneurial optimism. By implication, the output of the research is interesting to highlight in the future. Optimism in too high a capacity can harm the business. This is triggered by the level of vigilance and actions of business owners in making decisions based on irrational emotions.
</abstract>

Revealing the Link Between Open Minded, Uncertainty Readiness and Optimism in Business Performance for Food and Beverage Businesses

<abstract><title style='display:none'>Abstract</title>
Econometrics is a branch of economics that uses mathematical and statistical methods to study quantitative and qualitative relationships within economic phenomena. The purpose of this article is to study the impact of the capital market (financial instruments) on economic growth in Kazakhstan and the CIS countries through an understanding of the concept of “econometrics”. The task of the study is to determine the dependence of gross domestic product as a resultant factor over the past 20 years. Methods. The article determines the assessment of the impact of financial factors on economic growth in the short term. An econometric model was used for this purpose. The resulting factor was the gross domestic product over the past 20 years. Results. The results indicate that the capital market influences economic growth in Kazakhstan and the CIS countries. This paper presents a model of the GDP function for the economy of Kazakhstan. In the course of the study, coefficients and variables of the model were estimated to predict the level and future changes in the country’s GDP. Thus, the size of the capital market (Y1) depends on the following variables tested in the model: the number of securities issuance transactions; the volume of securities issuance transactions; the number of transactions of non-residents with shares at the secondary auction of KASE; the rate of change of shares of leading issuers on KASE
</abstract>

The Influence of the Capital Market (Financial Instruments) on Economic Growth in Kazakhstan and CIS Countries

<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

We are pleased to inform you that ECONOMICS-Innovative and Economics Research Journal has been indexed by ELSEVIER, Scopus since June 2023 <A...

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We are pleased to inform you that ECONOMICS-Innovative and Economics Research Journal has been indexed by ELSEVIER, Scopus since June...