In recent years, with the rise of global trendy toy culture and the accelerated internationalization of China's cultural and creative industries, the 'Guzi economy, represented by trendy toys, is becoming a significant force driving consumption upgrading and industrial integration. This paper takes Pop Mart's development in the Southeast Asian market as a case study to explore how trendy toy culture influences consumer behavior transformation and the restructuring of industrial value chains in the region. Through the ways of 'emotional consumption and 'symbolic consumption, Pop Mart stimulated the collection and social needs of Generation Z users in Southeast Asia and achieved great success in the market of trendy toys. There are still some problems to be solved. This paper discovers the problems of big cultural differences, difficulty in local sales, and increasing market competition. Then, the paper also explores the reasons for these problems. Finally, the paper puts forward the strategies for overseas sales of trendy toy brands. They should pay attention to the balance between 'global brand unification and 'local market differentiation to ensure the continuous source of vitality. This not only expands the application of the research on trendy toy economy and international business in overseas emerging market, but also provides solutions and suggestions for the Chinese cultural and creative enterprises to go global, which promotes the upgrading of consumption and industrial integration based on the culture of trendy toy.

Abstract Eastern Indonesia (east of Bali) was a major source of slaves for the Southeast Asian market and beyond. Up to the 19th century, a plethora of indigenous forms of coerced labour coexisted with European, mostly Dutch, slavery. The aim of the study is to demonstrate the potential of underused written sources to trace the migrations of coerced labour in the 17th–18th centuries. These texts include proto-demographic data, ships’ logs, daily records at colonial ports, and trade geographies. The article discusses types of sources, their possibilities and limitations, and explains the connectivities between regional and wider slaving circuits. The depth of the data allows us to draw conclusions about numbers of traded slaves, slave demography in indigenous and colonial communities, and the workings of slave trade in micro perspectives.

Soybeans are one of the grains rich in vegetable fat and protein that have become one of the staples for the people of Indonesia. Indonesia has an important role in soybean production, which is an important commodity for food securityand the country's economy. Indonesia is the largest soybean market in Asia by importing 1.96 million tons of domesticsoybean needs. While the rest is produced through domestic soybean production. The purpose of this study was to analyze the function of soybean marketing and see what factors influence the selection of soybean marketing channels in Bantul Regency. The data analysis method was carried out using a qualitative descriptive analysis method to see the function of soybean marketing, and quantitative to see the factors that influence soybean marketing which were analyzed using multinominal logit. Farmers carry out marketing functions of purchasing, selling, transporting, milling, sorting, loading and unloading, packaging, drying, market information and risk. For the physical functions carried out by farmers are the functions of selling, transporting, milling, sorting, packaging, drying, market information, and risk. Marketing institutions also perform marketing functions including, 1) exchange function, namely purchase and sale function, 2) physical function, namely transportation, sorting, loading and unloading, and packaging, 3) facility function, namely market and risk information. Factors that influence farmers in choosing soybean marketing channels in Bantul Regency are farming experience, production volume, price, capital, land area, and rainy and dry seasons.

This study investigates the relationship between natural gas price dynamics in Europe and East Asia using the Nonlinear Autoregressive Distributed Lag (NARDL) model, which allows for the analysis of both short- and long-term asymmetries in a unified framework. The NARDL approach is particularly appealing due to its simplicity in handling these asymmetries within a single model. The dataset includes daily spot prices for natural gas in East Asia, specifically the LNG Japan/Korea Marker (JKM) obtained from SP Platts covering the period from July 29, 2014, to November 17, 2023. Additionally, daily spot prices from the National Balancing Point (NBP) in the United Kingdom were sourced from Refinitiv Eikon for the same time frame. Findings from the analysis indicate that changes in lagged natural gas prices in one market significantly influence prices in the other. Moreover, the impact of negative price shifts appears to be greater than that of positive shifts, with long-term multiplier effects manifesting over a period of approximately 9 to 12 months.

ABSTRACT This study aims to examine the relationship between store innovativeness and organic food purchase intention, with the mediating role of shopping experience and the moderating role of customer service. A survey method was employed to collect data from 1,051 consumers in a key emerging market in Asia. Results from structural equation modeling show that store innovativeness positively influences consumer intention to purchase organic food. Furthermore, in-store shopping experience mediates this positive association, and customer service moderates the relationship between store innovativeness and shopping experience. This study adds to the limited research into how retailers can contribute to promoting sustainable food consumption by investigating the impact of key in-store factors on organic food purchase intention. This study’s findings encourage retailers to focus on store innovativeness to enhance shopper experiences and organic food purchases.

This research paper constructs an indicator system for measuring the level of digital economy development of RCEP countries. Based on the panel data of export trade of Zhejiang Province to RCEP countries from 2012 to 2022, using the stochastic frontier gravity model (SFGM), it systematically evaluates the influence of digital economy of RCEP countries on export efficiency of Zhejiang Province, revealing the crucial role of digital economy in promoting international trade through multi-dimensional and multi-level data analyses. The results of the research imply that the improvement in digital economy of RCEP countries significantly contributed to export efficiency of Zhejiang Province, with differences between different dimensions of digital economy. During the study period, the export efficiency of Zhejiang Province to ASEAN countries increased the most. Therefore, it is suggested to strengthen the RCEP digital economy circle, adopt different strategies for cooperation and connection, as well as focus on the changes and opportunities in the ASEAN market. This study provides valuable insights for policy makers and stakeholders and is of great practical importance for enhancing economic and trade cooperation among RCEP countries.

ABSTRACT This study aims to evaluate the relationship between consumer innovativeness and the adoption of new luxury fashion products through the lens of personal values. We maily employs a quantitative dataset of 775 consumers recruited from the six largest cities in Vietnam, an emerging market in Asia. The conceptual and structural models were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal a positive relationship between three personal values (self-direction, stimulation, ecocentrism) and consumer innate innovativeness. Furthermore, self-direction, achievement, and power are values that demonstrate a strong correlation with luxury fashion innovativeness. Self-direction, stimulation, achievement, and ecocentrism values were found to have a direct impact on new luxury fashion adoption. We also confirm that consumer innate innovativeness positively impacts luxury fashion innovativeness. Luxury fashion innovativeness directly influences new luxury fashion adoption, while consumer innate innovativeness indirectly influences new luxury fashion adoption through luxury fashion innovativeness.

Purpose Drawing on the conservation of the resource theory and social exchange theory, this study aims to examine the relationship between degree centrality, knowledge hiding and social capital. Moreover, this study also considers the moderating role of social astuteness at the two stages of a moderated mediation model. Design/methodology/approach To investigate these relationships, a moderated mediation model was developed and tested. Data were collected using a self-administered questionnaire from 214 employees employed in Pakistan's service sector. Findings The findings demonstrate that knowledge hiding mediates the relationship between degree centrality and social capital. Moreover, the results also reveal that social astuteness moderates the association between degree centrality and knowledge hiding in such a way that employees who are more socially astute will hide less knowledge. Originality/value The novelty of this study is to establish and empirically verify an integrated framework of the degree centrality–knowledge hiding–social capital relationship with social astuteness as a moderator, specifically in the context of the South Asian market. This study has uniquely addressed an unexplored research gap that significantly contributes to this research.

Abstract Purpose When considering the influence of recognition-based heuristics on entrepreneurs’ strategic decision-making (ESDM), especially in emerging markets, conventional theories and literature on entrepreneurs’ management approach are notably sparse. This study investigates how recognition-based heuristics influence ESDM, particularly in an emerging Asian economy. Design/methodology/approach Data was collected through a survey completed by 237 owners and senior managers of small and medium-sized enterprises (SMEs) in the service, trade, and manufacturing sectors located in the Pakistani cities of Rawalpindi and Islamabad (twin cities). Data was collected using a convenient purposive sampling technique and snowball sampling method. A structural equation modeling-artificial neural network (SEM-ANN) based approach was applied to evaluate the role of recognition-based heuristic predictors. The results were authenticated using regression analysis. Findings The results indicate that recognition-based heuristics—such as alphabetical order, name fluency, and name memorability—have a positive impact on ESDM. This means that recognition-based heuristics are useful tools for entrepreneurs in strategic decision-making. Entrepreneurs who use recognition-based heuristics are more likely to make effective strategic decisions. The ANN results reveal that name memorability has the highest predictive power in positively influencing ESDM, suggesting that memorability plays a crucial role in facilitating more efficient and informed strategic choices. Originality/value This study pioneers research examining the connection between recognition-based heuristics—alphabetical order, name fluency and name memorability—and ESDM in an emerging Asian market. This study contributes to the entrepreneurial management field, particularly regarding the role of recognition-based heuristics in strategic decision-making. This research area is still in its early stages, even in developed economies, and very little work has been conducted in emerging economies. This study makes a significant contribution to the literature in this field. We employed a novel SEM-ANN based evaluation approach that combines the strengths of SEM and ANN. This integration allows for a comprehensive analysis of both linear and nonlinear relationships between variables, providing a nuanced understanding of the complex dynamics involved in ESDM, and differentiating this study from other studies in the field.

The Food and Beverage (F&B) industry in Southeast Asia faces challenges such as raw material price volatility, high debt burden, and changes in consumer preferences, so companies need to manage their financial performance well through financial ratio analysis and product innovation to remain competitive amidst the instability of the ASEAN market and policies. This study analyzes the effect of Return on Assets/ROA, Cash Ratio/CR, Debt to Asset Ratio/DAR, Asset Turnover/ATO, and Price Earnings Ratio/PER on managerial ownership and their impact on stock returns. We assess how product development costs and financial distress moderate the relationship. The objects of the study were F&B sector companies in Southeast Asia listed on the stock exchange, data period 2012 to 2023. The method used was panel data regression. The results showed that ROA and CR positively and significantly affected managerial ownership. Conversely, DAR and PER did not show a significant effect. Moderation of product development costs weakened the impact of ROA on managerial ownership, while financial distress weakened the relationship between DAR and managerial ownership. This study suggests the importance of efficient management of assets, cash, and liabilities and the need for strategic product innovation to maintain and increase managerial ownership. Combining various financial ratios with managerial ownership and their effects on stock returns offers a more comprehensive perspective than previous studies.

This study investigates the impact of ESG (Environmental, Social, and Governance) assurance and disclosure quality on the financial performance of companies listed in the IDX ESG Leaders Index in Indonesia. Motivated by regulatory advances such as POJK 51/2017 and the adoption of SPK Indonesia aligned with IFRS S1 and S2, the research assesses whether comprehensive and credible ESG disclosures enhance Return on Equity (ROE) and reduce cost of capital. Using panel data for Q1 2024 and a balanced sample of 30 firms, the analysis examines ESG disclosure indicators Scope 1, 2, and 3 emissions, third party assurance, governance structures, and reference to global standards (GRI, ISSB) and their associations with ROE, excess returns, and cost of debt. Panel regression results show that firms with ESG assurance exhibit significantly higher ROE. Scope 3 emissions disclosure and alignment with ISSB also correlate with reduced financing costs. Robustness tests confirm the stability of results. The findings demonstrate that ESG assurance acts as a signal of credibility, mitigates greenwashing risk, and enhances market perception. Companies with strong ESG governance and transparent, standardized disclosures are more likely to attract investment and secure favorable financing terms. As Indonesia moves toward mandatory ESG assurance through SPK Indonesia, this research supports regulatory emphasis on verifiability and standard alignment. The study contributes localized empirical evidence from a leading Southeast Asian market and informs policy design, investor strategy, and corporate governance practices under evolving ESG disclosure standards.

In the era of digital media, short video platforms have emerged as dominant channels for sports communication and brand engagement. This paper investigates how short-form video content amplifies the brand communication effect of youth basketball leagues, with a focus on Overtime Elite (OTE) as a representative case. Founded in 2021, OTE has rapidly built its reputation by leveraging platforms like TikTok, YouTube Shorts, and Instagram Reels to share viral highlights, behind-the-scenes footage, and meme-based content that resonates with Generation Z audiences. Through cross-platform observation and content analysis, this study explores how OTEs media strategy enhances sponsor exposure, drives fan engagement, and contributes to player development and recruitment. The paper also examines the challenges OTE faces in international expansion and audience diversification. It concludes that short video content not only democratizes visibility for young athletes but also builds a new ecosystem of sports branding driven by entertainment, interaction, and social virality. The findings offer practical insights for emerging leagues and organizations looking to expand through digital-first strategies, particularly in the Asian market.

Precise prediction of housing values is an important task for various stakeholders involved in the housing market, including investors, builders, and city planners. In this research, supervised machine learning models are used to predict the price of apartments in Almaty, Kazakhstan, which is a dynamic urban market in Central Asia. With an openly available dataset of apartments for sale, Linear Regression, Lasso Regression, Random Forest, and XGBoost models are implemented and tested. The data is scaled and encoded with scalable pipelines, and models are evaluated with regards to Mean Absolute Error (MAE), Root Mean Squared Error (RMSE), and R² Score. The best performing model amongst those tested was Random Forest Regressor with an R² of 0.9158, followed by XGBoost with 0.8438. Feature importance visualization identifies district, area, and construction year as primary influencing factors. The research supports that ensembling machine learning models are efficient and scalable predictors for housing forecasts and suggests future improvements with time-series and geospatial features

In the context of increasing global attention for sustainable development, this study investigates the relationship between ESG performance along with its individual pillar (Environment, Social, Governance) and earnings management, with the moderating effects of firm size. Multivariate regressions are conducted on a sample of 596 firm-year observations including listed companies in ASEAN countries from the period from 2019-2023. The results suggest that ESG performance in previous year positively related to real earnings management (REM) in current year. Moreover, among the three pillars of ESG, only governance has a significant positive link with REM and the positive ESG-REM relationship is more pronounced in smaller firms.

With the acceleration of globalization, Kazakhstan has emerged as a crucial destination for foreign enterprises seeking to expand into emerging markets, particularly in the construction sector. Driven by abundant natural resources, a strategic geographical position, and improving business policies, Kazakhstan’s construction industry is attracting increasing foreign investment. However, foreign companies face challenges such as complex regulations, cultural differences, and fierce competition. This study systematically applies PEST analysis, Porter’s Five Forces, and SWOT frameworks to evaluate the market environment, industry competition, and the strategic positioning of foreign—especially Chinese—construction firms in Kazakhstan. The findings indicate that, despite the sector’s strong potential and policy support, success relies on adapting to local contexts, leveraging technological advantages, and developing localization strategies. This research not only fills the gap in the literature on Kazakhstan’s construction industry marketing but also provides actionable recommendations for foreign companies exploring the Central Asian market.

At SPIEF 25, the resilience and ability of the Russian economy to grow were noted, despite unprecedented sanctions against it, changes in the macro-regionalization of the global market are taking place in conditions of high conflict and uncertainty, old ties between countries are collapsing and new ones are emerging. The purpose of the work is to analyze the institution of mediation and targeted personnel training in the context of the restructuring of the Russian economy associated with the macro-regionalization of the global market. The subject of research is the institute of mediation in the system of international arbitration, the object of research is the training of mediators for new working conditions in the Asian market. The work uses a dialectical approach, methods of historical, systemic, structural and logical analysis. It is shown that mediation is an important institution for the development of an innovative digital business environment, and the differing cultural codes of Asian peoples from traditional ones to the imposition of sanctions by Russian entrepreneurs' partners in Europe require a rethink of personnel training in the field of international mediation. The advantages of mediation in resolving disputes between Russian businesses and Asian partners in comparison with consideration in international arbitration courts are revealed, attention is drawn to the need for Russia's participation in the creation of new social and technological standards in the digital environment.

ABSTRACT Filipino musicians playing cover music in entertainment venues globally embody both transnational labour and artistic endeavour, thus becoming part of the music industries outside their home country. Aside from their embeddedness in the web of skilled (creative) labour migration and their transmediated musical mimicry, Filipino musicians have historically been known as purveyors of transnational culture. However, these ideas have not been understood in the context of Filipino cover musicians in Australia, who are in constant negotiation in terms of identity and transnational labour outside the Asian creative labour market. In this paper, I argue that more than in addition to the economic aspect of creative labour, playing cover music transnationally is a complex undertaking that involves creative and cultural sensibilities, which Filipino musicians use to embody becoming conduits of transnational cultural expressions, identity and cultural memory. It does not imply that they disregard the economics of performance, but they embody cultural sensibilities that reinforce their economic and labour intentions, which interact with the conveyance of cultural expressions, cultural memory and belonging in the diaspora. By examining this role, it enables us to re-think migrant musicians’ situatedness in the Australian entertainment industry, beyond the global flows of labour.

Purpose We estimate network spillovers across East Asian equity markets based on data on index returns to locate markets where equity shocks arise and where they impact. Focussed upon the context of the 1997 East Asian market crisis, our analysis explains why some markets were affected more than others. Further, were the Vietnam stock market to have been trading at that time, how it might have been affected. Design/methodology/approach Our analyses are based on novel panel data and spatial econometric techniques, adapted to “Big Data” contexts, to estimate network structural vector autoregression (SVAR) and vector autoregression (VAR) models estimated using additional information from East Asian and global markets. Findings We find that East Asian markets are interconnected through a sparse network, but this network has profound impacts across the markets, as evidenced during the 1997 East Asian crisis. We provide an explanation for why and how the Taiwan stock market was relatively immune to the crisis and highlight that the Vietnam market would likely have been affected very strongly. Research limitations/implications The results have substantial implications for market development and regulation, as well as greater integration across stock markets in East Asia. This is particularly important for nascent markets like Vietnam and rapidly integrating markets like Taiwan. However, future research needs to integrate trade flows with financial markets to obtain more encompassing insights and policy. Practical implications Our work offers new perspectives on institutional organisation and the regulation of information flows and risks across East Asian markets, including markets that are more recently created (such as Vietnam), markets that are highly integrated (such as China and Korea) and markets that are evolving through enhanced network exposure (such as Taiwan). Social implications We highlight that regional policy is important, as well as integration with regional (East Asian) and global markets. Development of robust resilient financial market institutions offers the best buffer against external shocks, which can otherwise have devastating impacts. Originality/value There is considerable debate about the nature and scale of contagion or interdependence during financial crises, not least the East Asian crisis of 1997. Indeed, there is no doubt that financial markets are interconnected. We offer new insights, from analysis of equity markets and their interdependence, on network effects spanning East Asian markets and their implications for crisis events.

The pharmaceutical industry in Indonesia has grown significantly, accounting for 27.8% of the ASEAN market share. However, despite this growth, the sector faces challenges, including intense competition, complex supply chain dynamics, and inefficiencies in production processes. This research investigates the factors contributing to the production decline and identifies non-value-added activities in the Vitamin C production line using Value Stream Mapping. The study applies Lean Manufacturing principles, supported by Root Cause Analysis, to propose improvement strategies that enhance line utilization and reduce waste. Data were collected through observation and interviews leading to the development of current and future state process models. The findings reveal that ineffective scheduling, prolonged changeover times, and labour-intensive documentation significantly reduce production efficiency. To address these issues, the study recommends the implementation of rapid testing technologies, electronic batch records, and a Laboratory Information Management System. These interventions are expected to result a 62.7% reduction in lead time and a 176% increase in production capacity. Financial analysis indicates strong economic feasibility, with a positive net present value and short payback period. This study concludes that Lean Manufacturing tools, when tailored to pharmaceutical operations, can drive substantial improvements in productivity, process flow, and operational resilience.

Purpose: This study investigates how effective digital and mass-reach traditional marketing strategies are in the global smartphone industry, with a focus on the Asian market. It uses Sony and Huawei as case studies to evaluate their marketing strategies and examine how each company responds to regional customer behaviour and market trends. Design/Methodology/Approach: In our research, we use both qualitative and quantitative methodologies, including literature reviews, market data analysis, and a consumer survey done across various Asian nations. Findings: The key findings show that digital communication strategies particularly influencer marketing, social media engagement, and mobile app integration capture consumer interest and drive sales more effectively than traditional mass-marketing methods. Huawei’s strong digital presence and localized engagement outperform Sony’s more traditional and generalized strategies in the region. Research limitation/Implication: Research limitations include the focus on two multinational firms and a single market context, which may affect generalizability. Future research should broaden the sample to include local or emerging firms and use mixed-method designs to validate findings in a variety of market environments. Practical Implication: Our study's practical implications highlight the need of smartphone manufacturers prioritizing digital tactics adapted to Asian markets' cultural and technological contexts. Companies should invest in social media campaigns, influencer partnerships, and e-commerce collaborations to increase brand visibility and loyalty. Social Implication: The study highlights a growing demand among Asian consumers for personalized, technology-enabled brand engagements. This shift reflects broader societal trends toward digital-first lifestyles, indicating that brands have to modify their engagement strategies to remain culturally relevant and consumer-centric. Originality/Value: This study addresses a key gap in comparative marketing research by comparing digital and traditional techniques in Asia's smartphone market. It provides actionable insights for global marketers by using real-world case studies and rigorous methodologies.