Purpose of the Article: This paper investigated the effect of management innovativeness on the organisational sustainability of the small enterprises in Ogun West Senatorial District, Ogun State, Nigeria. Research Aim: The aim of this research paper is to investigate the effect of management innovation on sustainability of Small-Scale Businesses in Ogun West Senatorial District, Ogun State, Nigeria. Methodology/Methods: A survey design was used to collect data on 400 SMEs and analysed through Structural Equation Modelling (SEM). Findings: Findings indicate that the impact of innovation strategy and human resource innovation on business sustainability was positive and insignificant, whereas financial management innovation had negative and insignificant effects. A great positive predictor that was observed was organisational culture (0.637, p = 0.001), and the model had 46.9% variance in sustainability. Practical Implication: These observations imply that local organisational culture is more crucial in keeping SMEs striving as compared to strategy and financial innovation. The research has an empirical interest in the contribution of management innovation to the sustainability of SMEs in a developing setting, which is encouraging businesses to include more dimensions of innovation in their business sustainability plans.

Purpose of the article: The aim of this article is to investigate the asymmetric cost behavior of small and medium-sized enterprises (SMEs) in the Italian manufacturing industry during the period 2020–2023, with a focus on cost behavior during the crisis and the post-crisis period. The study examines how the economic conditions of the COVID-19 pandemic affected traditional cost behavior theories in the manufacturing SME sector. Methodology/methods: The research utilizes the model by Anderson et al. (2003) applied to a large dataset of 56,017 Italian manufacturing SMEs obtained from the Orbis Europe database. Statistical analysis covers three periods: 2020/2021, 2021/2022, and 2022/2023, which allows tracking the evolution of cost behavior asymmetry over time. The regression models test the relationship between logarithmic changes in total operating costs and sales, including an interaction dummy variable to capture asymmetric cost behavior. Statistical significance is tested using F-statistics at the α = 0.05 level. Scientific aim: The scientific objective is to empirically document the dynamic evolution of asymmetric cost behavior (cost stickiness) in manufacturing SMEs over the economic periods in question, thereby contributing to the theory of asymmetric cost behavior. Findings: The results confirm an evolution in cost behavior across the three periods in the manufacturing sector. The period 2020/2021 exhibits an anti-sticky cost behavior with a positive interaction coefficient (+0.107), reflecting a cost-cutting response to supply chain shocks. The subsequent periods 2021/2022 and 2022/2023 demonstrate pronounced cost stickiness (interaction coefficients –0.255 and –0.222, respectively). All models show high explanatory power, with R² in the range of 0.708–0.772, and are statistically significant at p < 0.001. Conclusions: The article provides evidence that crisis conditions in the manufacturing industry can temporarily alter the established asymmetric cost behavior, but that traditional sticky cost behavior gradually re-stabilizes after the crisis subsides. These findings have important implications for corporate crisis management and cost management strategies of manufacturing firms. Keywords: cost stickiness; manufacturing SME; COVID-19; industrial cost behavior; Italy; industry JEL Classification: M15, M21

Purpose of the article:The present study investigates the role of University Centers for Entrepreneurial Support (UCES) in regional innovation systems, with a particular emphasis on the integration of university sports. Utilising the Triple Helix model as a foundation, the paper delves into the potential of university sports to augment STEM outreach, promote entrepreneurship, and foster collaboration between academia, industry, and government. The findings, which are based on case studies conducted in the Czech Republic, the United States, and Qatar, and incorporate insights from Generation Z, suggest that initiatives focused on university sports, when embedded within entrepreneurial ecosystems, have the potential to enhance institutional visibility, attract students, and stimulate sustainable regional development. The paper concludes with policy recommendations and a framework for assessing the socio-economic impacts of these initiatives. Methodology/methods: The methodology employed in this paper is based on a critical review of academic literature, supported by original sources and empirical data from key stakeholders involved in the development of entrepreneurial universities, innovation ecosystems, and university sports. The present corpus comprises both theoretical contributions and practical insights, which have been gathered through qualitative case studies and stakeholder engagement. Scientific aim: The objective of this paper is to explore the potential of university sports to effectively support entrepreneurial thinking and to enhance collaboration between academia, business, and public institutions. The paper also considers how this integration can help attract students to STEM fields and contribute to broader regional development goals. Findings: The findings indicate that participation in university sports has the potential to facilitate the establishment of stronger regional ties, enhance student engagement, and promote entrepreneurial initiatives. The extant data suggest that these programs can be effective in creating a more dynamic and inclusive academic environment, especially when combined with support from innovation centres such as UCES. Conclusions: The combination of sports and entrepreneurship support structures presents new opportunities for universities looking to improve their relevance and impact. While the initial data are encouraging, further research is required to enhance the understanding of how these efforts can be expanded and the long-term effects of these measures can be measured.

Purpose of the article: The article examines the suitability of using the Modern Portfolio Theory (MPT) principle in cryptocurrency portfolio optimization. Methodology/methods: As an input data was used the daily data of 10 most traded cryptocurrencies extracted from the web CoinMarketCap. The data for the period from 2 January 2021 to 1 September 2021 was selected as a sample. The Python programming language was used as a tool for implementation of the Modern Portfolio Theory. The Pandas open source tool was used for data analysis and manipulation. Mathematical operations were performed using the NumPy package. Library Matplotlib was used for creating static, animated, and interactive visualizations in Python. Scientific aim: The research objective is to determine the possibilities of diversifying the cryptocurrency investment portfolio risk based on MPT. Findings: The proposed optimal investment portfolio demonstrates that its performance is profitable not only in the optimization period but also in the validation period. Verification of the optimal investment portfolio confirms that the risk and profitability characteristics are fully respected by the proposed model. The article benefit is also the presentation of a comprehensive methodology for the creation and verification of an optimal portfolio based on MPT principles in the context of software support. Conclusions: The case study of investment portfolio optimization (with the top 10 most traded cryptocurrencies) using MPT was developed, including verification of the proposed investment portfolio. Compared to traditional approaches, which include investor’s or portfolio manager’s decision-making, this approach provides investors with automated portfolio optimization processing based on mathematical and statistical calculations.

Purpose of the article: The purpose of this article is to provide a comprehensive analysis of the role of artificial intelligence (AI) in the banking sector, focusing on its applications, challenges, and implications. By synthesizing existing research and empirical studies, the article aims to inform researchers about the transformative potential and inherent challenges of AI-driven innovation in banking. Methodology/methods: Using a systematic review approach, the relevant literature on AI integration in banking was identified from electronic databases and leading corporate research departments, ensuring a synthesis of scholarly and industry perspectives. Scientific aim: With limited academic research on AI in banking, this study aims to shed light on its applications, challenges, and implications. Findings: The integration of AI in the banking sector has significantly transformed various operational areas, including customer interactions, risk management, compliance, and operational efficiency. AI applications, such as chatbots and smart virtual assistants, have enhanced customer service by offering personalized, 24/7 support, and have demonstrated significant cost and revenue benefits. AI-driven credit scoring and fraud detection have improved risk assessment and mitigation, enabling more precise and informed decision-making. However, AI adoption faces challenges such as high computational costs, data quality issues, the "curse of recursion" where models trained on AI-generated data degrade, and the need to balance trust in AI outputs with their reliability. Furthermore, regulatory considerations play a crucial role in AI integration. While the European Union's AI Act aims to ensure the ethical use of AI in finance, it also presents challenges related to compliance and potential over-regulation. Conclusions: In conclusion, the integration of AI in the banking sector has revolutionized customer service, risk management, compliance, and operational efficiency. However, the adoption of AI also raises concerns about data privacy, security, and the need for regulatory frameworks to ensure ethical use. As AI continues to evolve, it will be crucial for banks to balance technological innovation with responsible practices to maximize benefits and mitigate risks.

Purpose of the article: The purpose of this article is to assess private equity exit strategies of CEE portfolio companies with regards to desired exit routes, including a cross-border deal aspect and a pre-exit holding period.Methodology/methods: This paper employs secondary data from the Mergermarket database containing information on more than 20 thousand private equity M&A deals and IPOs. General scientific methods such as analysis, comparison or generalization were used.Scientific aim: Only limited amount of research was carried out on the private equity exits in the region of central and eastern Europe. This study aims at shedding new light on understanding of private equity exit route decisions and timing in this particular geographic area.Findings: Exiting a CEE portfolio company, private equity investors tend to prefer exiting via trade sales over secondary buyouts or IPOs. They also tend to prefer foreign acquirers over domestic ones. A typical pre-exit holding period averages around 5 years.Conclusions: Our results show that while exiting a CEE portfolio company, private equity investors tend to divest by selling the company to a strategic investor (trade sales) rather than a financial investor (secondary buyouts) or exiting via an IPO. While exiting via trade sales and secondary buyouts, private equity investors tend to prefer foreign acquirers rather than domestic ones with a strong preference of acquirers from outside of the respective region. Typical holding period of a CEE private equity portfolio company remains on average in line with academic theory. Our paper contributes to the developing literature of private equity by using an extended and up to date dataset and introducing the research on the cross-border aspect of PE exit strategies.

Purpose of the article: There seems to be lack of studies on the link between corporate governance disclosure attributes and organisational performance, particularly for consumer and industrial goods companies in sub-Sahara Africa in a single study. Consequently, this study was carried out with the view to evaluating whether certain corporate governance disclosure attributes (chief executive officer compensation and share ownership) affect organisational performance (return on capital employed) in sub-Sahara Africa.Methodology/Methods: Secondary data from 2012–2021 were obtained from the annual reports and accounts of sixteen (16) companies, of which four (4) were selected from each region of sub-Saharan Africa (West Africa: Nigeria; Southern African: South Africa, East Africa: Kenya; and Central Africa: Egypt). Data obtained were analysed via descriptive (mean, median, standard deviation, minimum and maximum values, kurtosis, skewness and Karl Pearson correlation matrix), post estimation (factor and principal component analyses, variance inflation factor and heteroscedasticity) and inferential (Ordinary Least Square, Fixed and Random Effects Regression) statistical tools.Scientific aim: This paper assessed corporate governance disclosure attributes and organisational performance in sub-Sahara Africa.Findings: The fixed and random regression result indicated that while chief executive officer compensation had significant relationship with organisational performance (coefficient = –1.1971; z_value = –3.40 and prob_z = 0.001), chief executive officer share ownership (coefficient = 0.00087, z_value = 0.04 and prob_z = 0.082) had insignificant relationship with organisational performance in sub-Saharan Africa.Conclusion: The study advocates the need to decrease chief executive officer share ownership concentration, as it may probably reduce decision-making process, transparency and objectivity of the board. Thus, concentration of chief executive officer sharehodling should be taken seriously by top management in that chief executive officers should not be accorded too much opportunity to aquire companies’ stocks.

Purpose of the article: To explore Genneration Z’s and millennials’ perceptions of masculinity in advertising and determine which type of masculinity and which masculinity characteristics consumers favour in a masculine character or the advertising message centred around masculinity. This can help advertisers to understand what type of masculine character to focus on and whether advertisers’ offered version of masculinity is in alignment with consumer preferences.Methodology/methods: Methods included qualitative video content analysis of advertisements centred around masculinity and quantitative research methods such as survey research and A/B testing of younger consumer segments such as Generation Z and millennials. The empirical results were analysed using the SPSS 23 statistical software.Scientific aim: To see whether social construction and social identity theory can help advertisers and researchers understand consumers’ ever-changing perceptions of masculinity. In addition, the research aims to test the essence of congruity theory suggesting that consumers prefer content (advertisement) that aligns with individuals’ preconceived notions.Findings: The survey results showed that Latvian Generation Z and millennial men and women are evenly split on whether they like or dislike how masculinity is depicted in advertising. From people who say that they do not like the way masculinity is depicted in advertising, 49.7% of them say that depictions of masculinity in advertising affect their buying decisions. A/B test results showed that consumers give preference to competitiveness as a traditionally masculine characteristic, while heavily preferring the display of affection and love and depicting masculinity less stereotypically in modern masculinity advertisements.Conclusions: Advertisers mainly focus on traditional masculinity as it is the most common masculinity type used in popular advertising in the last decade. On the other hand, consumers tend to approve of modern masculinity in advertising, with women approving of modern masculinity in far more convincing numbers than men. There is a statistically significant difference in men’s and women’s preferences when it comes to depictions of masculinity in advertising.