Economic Enterprise Research Articles

CARBON ACCOUNTING INFORMATION DISCLOSURE AND INVESTORS’ ATTITUDES TOWARDS INVESTING IN NIGERIAN ECONOMY

Users of financial reports of companies have shifted their interest from only profitability to efforts of enterprises in addressing environmental problems, global climate change, carbon reduction, and their vision for green development. Business stakeholders particularly investors are more interested in investing their funds in enterprises that demonstrate commitment to de-carbonization and reduction of harmful effects of their operation on society and reporting. Reporting/disclosure is an issue in Nigeria where Carbon Accounting Information Disclosure (CAID) is voluntary. The voluntary disclosure has generated doubts about whether it has impacted on investors' attitudes to commit their funds to enterprises in the Nigerian economy. The aim of this study there is to examine the impact of CAID on the attitudes of investors to invest in enterprises in Nigeria. Data for the study were collected primarily through a questionnaire administered to a sample of investors in corporate enterprises in Nigeria. Analysis of the data was done through Partial Least Square Structural Equation Modeling (PLS-SEM). Results indicated that the disclosure has a positive and significant impact on investors' attitudes toward investing in enterprises in the Nigerian economy. The study recommended that the government should by legislation make CAID compulsory in Nigeria, especially for those enterprises whose activities have a direct impact on the environment and society.

Migrants and Xenophobic Attacks in South Africa: Theory and Evidence

Acts of xenophobia are a persistent feature of life in South Africa. Daily animosity often spills over into violence against both locals and mostly migrants and their economic enterprises. One argument is that xenophobia has characterized post-apartheid South Africa partly due to increased migration flows. Can migration cause xenophobia? Using data from Xenowatch Reports, we examine the impact of migration flows from Zimbabwe on the onset and persistence of acts of collective violence targeted at foreign nationals’ lives and their foreign-owned businesses in South Africa. Results show that increased migration flows from Zimbabwe into South Africa leads to ethnic polarization, cultural diversity, and intolerance by residents toward immigrants. The variable migrants has a positive but statistically insignificant effect on xenophobia. However, migration can impact xenophobia through inducing ethnic fractionalization, cultural diversity and ethnic polarization, intolerance, and hostility with the coefficients of ethnic fractionalization and cultural diversity being positive and statistically significant and supporting the hypothesis that more migration flows from Zimbabwe lead to more xenophobic attacks in South Africa. These findings aid our understanding of the economic consequences of xenophobia. JEL codes: Q15, Q32, Q54

A Bibliometric Analysis of Sustainability in MSME

This research paper examines the role of Micro, Small, and Medium Enterprises (MSMEs) in the Indian economy and their sustainability. It analyses 85 Scopus documents from 66 sources between 2014 and 2024, revealing a peak in scientific production in 2023. The study emphasizes the importance of sustainable practices for long-term success. This comprehensive research paper rigorously examines the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in the Indian economy and emphasizes the critical importance of sustainable practices for long-term success. Through meticulous analysis of 85 Scopus documents from 66 sources between 2014 and 2024, the study conclusively reveals a peak in scientific production in 2023 and robust ties between India and various other countries in this domain.

Barriers and opportunities of the circular economy in small and medium enterprises: a systematic review of the literature

This study aimed to present a portrait of studies on Circular Economy (CE) in Small and Medium-sized Companies (SMEs), from 2011 to 2021, referring to articles published in Scopus database journals. To this end, a systematic literature review (RSL) was developed, which collected a sample of 141 articles, which, after being evaluated, resulted in a total of 25 studies to be investigated, falling within the scope of this proposal. The main results show that the connections between the subjects are increasing, confirming that the implementation of CE aimed at SMEs has become a relevant issue that requires scientific deepening. There is a greater incidence of economic and political barriers, emphasizing the lack of financial resources combined with the lack of incentives for industries. The research contributes by exploring the concept of CE, taking into account current discussions on the subject. It is important that the barriers that inhibit the application of CE are overcome, that a model is properly designed and joint and strategic actions are implemented. The suggestion for future research involves the creation of a theoretical framework that articulates the identified elements and serves as a basis for SMEs, translating the transition as a path of sustainable organizational growth.

Social sustainability of neighbourhood parks in India - instrument content validity

Neighbourhood parks are the most proximate public spaces that promote physical and mental health, well-being and happiness, social cohesion, a sense of community, etc. This vital resource can help create socially sustainable neighbourhoods in global south cities. This paper aims to develop a validated assessment framework for the social sustainability of neighbourhood parks in India. Thematic literature analysis is used to construct an assessment instrument consisting of ten variables and eighty-one indicators related to the social sustainability of neighbourhood parks. The instrument is checked for content validity through expert review using the Content Validity Index. Use of parks by people engaged in informal economic enterprises in neighbourhoods and by non-residents, the significance of ‘third places’ in park use, safety concerns, and sociocultural aspects of perception of safety emerge as essential variables to be considered in the Indian context. The high CVI of the developed instrument indicates excellent content validity. The instrument is designed to assess the provision, user perception and social use of neighbourhood green spaces in Indian cities to promote social sustainability.

Analisis Return on Investment (ROI) Digital pada UMKM: Sebuah Pendekatan Metodologis

As productive economic enterprises owned by individuals or individual business entities, MSMEs are faced with the reality where digital technology is developing increasingly rapidly, which forces them to immediately carry out digital transformation to achieve business growth and sustainability. Investments in digital technology, from digital marketing to the use of e-commerce platforms, have become important to maintain the competitiveness of MSMEs in an increasingly competitive market. In carrying out digital transformation, MSMEs need to measure and assess the performance of digital investments by comparing the profits obtained from the investment against the costs incurred in the process of digitizing their business. This is the main challenge faced by MSMEs in measuring the effectiveness of their digital investments. This is where the concept of Return on Investment (ROI) becomes very relevant. In this research, it was found that calculating digital ROI requires careful planning and continuous evaluation so that MSMEs can make the right decisions regarding the technology they invest in, both short-term and long-term calculations. Increasing ROI requires a strategic approach that involves reducing costs, increasing revenue, monitoring performance, and utilizing technology and automation that is appropriate to the business being run, through a combination of digitalization strategies, product innovation, good customer service, operational efficiency, and creative marketing. By optimizing every element in investment, it is ensured that every rupiah invested provides maximum returns. By implementing these strategies, MSMEs can increase their competitiveness in the market, strengthen relationships with customers, to increase the competitiveness and sustainability of their business.

Methodological approaches to the assessment of innovation activity

Subject. This article examines the essence and content of such concepts as innovation, innovative activity of an industrial enterprise, its key elements and methodological approaches to their assessment. Objectives. The article aims to develop methodological approaches to the assessment of innovative activity of an enterprise on the basis of a system of indicators that comprehensively characterize innovative activity, innovative potential, as well as the effectiveness and efficiency of innovative activity. Methods. For the study, we used analysis and synthesis, a systems approach, indicative design of the analyzed processes, and the methods of detailing and logical generalization. Results. The article presents the author-developed methodological approaches to the comprehensive assessment of innovation activity on the basis of a system of indicators that can help quantitatively and qualitatively assess the innovation potential, trace its changes, innovative activity of the enterprise, outline the areas for improving innovation activity in order to increase the competitiveness and financial stability of the enterprise. The article also proposes a system of indicators for assessing the innovative activity of the enterprise as a whole, the research and development sector, and it recommends indicators of the impact of the results of innovation activity on the enterprise's economy, and for assessing the effectiveness of innovative projects. Conclusions and Relevance. The proposed methodology for assessing innovation activity based on a system of qualitative and quantitative indicators can help better understand innovation processes and related activities and the results obtained, as well as make optimal management decisions, identify and eliminate bottlenecks, find ways of innovative development and thereby increase the competitiveness of Russian enterprises and domestic products. The results of the study can be used in assessing the innovative activity, innovative potential of enterprises, the effectiveness and efficiency of the innovation process, in making optimal management decisions on strategic planning and making managerial decisions in the field of improving the innovation process, in the selection of the most effective innovative projects.

텍스트마이닝을 활용한 사회적 경제 분야 국내 연구 동향 분석 : 사회적기업과 소셜벤처를 중심으로

Social enterprises and social ventures, which constitute the actors of the social economy, are assuming the role of the 'third sector' by addressing a multitude of social issues that are not addressed by public and private companies. In this context, it is meaningful to gain an understanding of the characteristics of the social economy and the areas of study that fall within its remit. Accordingly, this study examines the defining characteristics and current research trends of social enterprises and social ventures, two pivotal entities within the social economy. Furthermore, it employs big data methods to analyse extensive data sets pertaining to social enterprises and social ventures. The abstracts of academic research on social enterprises and social ventures were extracted from the Research Information Service (RISS). Subsequently, three analytical techniques were employed in sequence: 1) word frequency and TF-IDF analysis, 2) co-occurrence network analysis, and 3) LDA-based topic modelling analysis. The results of the word frequency and TF-IDF analysis indicate that the economic aspects of social enterprises and their analysis represent a significant research area. Additionally, it can be concluded that research on organisational characteristics, their impact, and the value of the social economy is actively being conducted. Secondly, the 'co-occurrence word network' analysis demonstrated that research pertaining to social enterprises constitutes a pivotal topic within this field. The data analysis outcomes are of considerable significance, with the economic aspect of social enterprises and the purpose of enterprises also representing major research topics. Thirdly, eight themes were extracted through a comprehensive consideration of the implications of LDA-based topic extraction. The results demonstrated that social enterprises and social ventures are active in a multitude of fields, with a particular focus on the role and importance of various aspects, including consumer relations, support for individuals with disabilities, cultural access, urban regeneration, investment and responsibility, and partnerships. This demonstrates that social economy enterprises are playing a role in addressing social issues. The value of this study lies in its ability to draw inferences from the aforementioned research trends in the social economy domain through the utilisation of text mining analytical techniques. This study aspires to contribute to the formulation of prospective research directions in the field of social economy, with a foundation in the analysed research trends.

Modelling the Influence of Management Practices on Sustainable Market Performance in Serbian Enterprises

In the evolving global market, new business conditions necessitate that enterprises adapt and construct organizational structures grounded in new principles and the implementation of contemporary management methods. This is particularly crucial for enterprises in transitional economies, which need to be highly flexible and innovative to meet the increasing demands of users swiftly, employ modern management techniques, and gain a competitive edge. The modern business environment assumes that there are very few products, technologies, services, knowledge areas, or procedures unavailable to interested groups worldwide. This study examines the influence of modern management methods and techniques (MMMTs), human resource management (HRM), quality management (QM), and intellectual capital management (ICM) on the sustainable market performance (SMPC) of these enterprises. A structured survey was conducted among 146 managers from various Serbian industrial enterprises, and the data were analyzed using descriptive statistics, Pearson correlation analysis, linear regression, and multicollinearity tests. The results revealed significant positive correlations between MMMTs, HRM, QM, ICM, and SMPC, with quality management having the highest impact. These findings provide valuable insights for improving business competitiveness in Serbia’s industrial sector. The results also support the development of an integrated model for sustainable management practices in transitional economies.

Investment Strategies and Financing Approaches in Emerging Enterprises

Investment activities are arguably the most crucial factor in the development and sustenance of an enterprise, especially in emerging markets. While there have been numerous studies on the financing structure, there is a substantial gap in the literature regarding the impact of capital structure and cost of capital on investment efficiency in transitional economies. This research seeks to address this gap, using a mixed-method approach that combines qualitative case studies and quantitative financial analysis. The research involved conducting case studies with five enterprises from the technology, manufacturing, and services sectors. In addition, the researcher used secondary data obtained from the websites of the Bucharest Stock Exchange and the Romanian National Registry of Financial Statements. The data was used to calculate the Return on Investment, debt-to-equity ratio, and cost of capital. The analysis shows that businesses that adopt the optimal capital structure perform better, relative to their counterparts, in the aspect of profitability and market value. They also have a lower cost of capital, as well as greater financial sustainability. On the other hand, businesses with higher leverage perform poorly, with their failing market position forcing them to adopt measures such as providing discounts to customers and investing in motor vehicles to reduce operational costs. This research shows that even in the current state, some of the basic principles that have traditionally applied still have bearing. However, there are some underlying problems, some of which have been highlighted in Nenite-Petrescu et al.’s case study of three Romanian companies. Some of the factors which have been identified as contributing to the negative performance of the three companies include poor return on assets, return on capital employed, and return on investment; low levels of liquidity; low sales and profits; and high cost of Sales, as well as low purchase and employment of personnel. All these factors represent significant inefficiencies in the aspect of capital unproductivity for the businesses. Some of the lessons learnt from the analysis include the non-recognition of business risks and their mitigation. A business should consider the various events and circumstances that may impact negatively on their ability to meet obligations toward obligations taken by such businesses. In conclusion, enterprises need to manage their financing strategies to ensure that they minimize their risk, while maximizing their long-term growth potential. This research will prove important for future researchers and business enterprises in transitional economies.

INFORMATION AND COMMUNICATION TECHNOLOGIES AND THEIR IMPACT ON ENTERPRISE DEVELOPMENT IN THE DATA ECONOMY

The article presents the results of a study aimed at analyzing information and communication technologies and their impact on the development of an enterprise in the data economy. The idea is substantiated that the need for a systematic approach to the formation of the digital environment has led to a change in the indicators for evaluating the use of information and communication technologies. The main research method is the analysis of Rosstat data for the period from 2005 to 2022. It is noted that during the period under review, the composition of indicators has significantly expanded, since all economic entities have access to new digital technologies, but at the same time cross-cutting indicators have been identified, which has significantly increased the time period for analyzing indicators. Some particular indicators of the involvement of economic entities in digitalization are considered. Based on the analysis, it was revealed that access to high-speed Internet allows a digital economy entity to be involved in data exchange with the digital environment (there is an annual increase in the percentage of organizations with access to broadband Internet), the organization's website positions it in the digital space (the percentage of organizations with a website increases annually). It is noted that important indicators for assessing readiness for digitalization are the number of personal computers per one hundred employees of an organization (annual growth) and the costs of organizations for information technology (measured in billions of rubles and increasing annually). It is determined that the driver of digital transformation is the state and the interdependence of the volume of budget allocations for the implementation of the State program «Digital Economy» and the dynamics of GDP is studied. The results of the study are summarized and conclusions are drawn about the future prospects of digitalization of enterprises in the data economy.

Disclosure and transparency of sustainability information in Spanish social enterprises: An empirical study of audited special employment centers

AbstractThe research analyzes how certain factors such as activity sector, size, and economic‐financial performance can influence the level of disclosure and transparency of sustainability information in special employment centers. This publication is based on an empirical study applying a quantitative methodology in 194 social economy enterprises with data from 2020. The results confirm that companies that disclose sustainability information do so based on GRI standards and in all areas of sustainability. Belonging to certain activity sectors and size influence the disclosure of sustainability information. Also, the results show that assets, operating income, liquidity and economic profitability have an influence. This research contributes to improving the disclosure and transparency of sustainability information in social economy enterprises and provides indicators on management in sustainability aspects, useful for the analysis of subsidy management.

Strategic Talent Development for Creative Economy Enterprises

Strategic Talent Development for Creative Economy Enterprises

The Return of the State and Its Alla Turca Version

Economic nationalism and state intervention recently gained attraction in many countries including Turkey. This paper questions whether Turkey has changed its economic policy framework towards a statecentric model and, if so, whether these changes are well thought-out and sustainable. The examination of key areas of state capitalism, that is the monetary, industrial, trade, financial, and state economic enterprise (SEE) policies put forward in the officially adopted five-year plans and annual programs, suggests that the changes in the economic policy framework began after the 2008 global crisis and accelerated after the transition to a presidential system. Upon examination, the policy framework does not reflect a definitive, coherent, and wholistic approach but rather a pragmatic attitude that swings back and forth, which exposes the country to swings in the global system.

Towards sustainable growth paths for work integration social enterprises in the circular economy

An important presumed social impact of the circular economy (CE) is job-creation for vulnerable groups. This creates opportunities for Work Integration Social Enterprises (WISEs), which are established to organize economic activities for workers with a distance to the labour market. In this paper, we identify challenges, opportunities, and sustainability aspects for WISEs in the CE. We apply Computable General Equilibrium (CGE) model results and conduct 20 expert interviews, providing an empirical contribution to recent research agendas on the social impact of the CE and the role of WISEs in Circular Societies. Our results show that WISEs should not take job-creating opportunities of the CE for granted, most specifically in the business-to-business (B2B) markets they are active in. While WISEs conceive competitive advantages to perform core CE jobs, they need to develop organisational capabilities to convert this potential into high added value activities within regionally embedded circular value chains. When identifying conditions for sustainable growth paths, we reveal a strong interconnectedness between social, environmental, and economic dimensions. We recommend management professionals and policy makers to measure, validate, and communicate social and circularity outcomes and invest in partnerships along value chains and across policy domains.

Systematic Literature Review: Digital Financial and MSME Performance in Indonesia

The aim of this study is to examine trends and developments in research related to digital financials and the performance of small and medium-sized microenterprises in an effort to improve the economy of small and medium-sized enterprises in Indonesia. Digital Financial research bibliometric data is taken from secondary data via the Publish or Perish application search engine version 8 with the search engine option feature of the Google Scholar application menu. The study finds information about how many research articles and keywords are used, the number of publishers, as well as the reputation rankings of any journal that publishes digital financial and micro and medium enterprises. Performance themes; the year trend begins to emerge and the majority of queries on digital financial and micro enterprises performance; the implications generated by previous investigations related to Digital Financial, and the performance of micro and small enterprises; the impact of digital financial withdrawal by micro and medium enterprises can face uncertain global economic challenges; the role of Digital Financial can enhance financial inclusion; the government has an important and vital role in formulating policies related to the development of the digital financial ecosystem Micro Small Medium Enterprises (MSME) ; the implementation of Digital Finance is well implemented by the Micro Finance Institutions to accelerate the positive performance of MSME.

Optimisation of the Circular Economy Based on the Resource Circulation Equation

The lack of effective evaluation methods and implementation guidelines has led to frequent obstacles in the process of circular economy in enterprises. The efficiency equation for resource circulation can effectively evaluate the efficiency of an enterprise’s circular economy resource circulation from three perspectives: input, circulation, and output. Additionally, it delves into each link to identify weak points, offering guidance for optimising the enterprise’s circular economy. Utilising a value flow analysis within the context of a circular economy, this paper evaluates circular economy efficiency using a resource circulation efficiency equation. It conducts factor analysis across three dimensions: resource input, resource circulation, and waste output. This analysis aims to evaluate the corresponding resource productivity, added value output rate, and environmental efficiency. Factor decomposition techniques were then employed to identify the underlying factors contributing to poor circular economy outcomes. Furthermore, based on the relationships among three resource circulation indicators, this paper forecasts the potential advantages of integrating circular economy improvement measures and proposes practical optimisation approaches. The enhanced resource circulation efficiency resulting from the proposed optimisation approaches was validated through a case study with an aluminium company.

Assessing the Impact of Social Media on SME Performance Using Structural Equation Modelling

Social media technology plays a crucial role in boosting productivity and competitiveness within various industries. It has made a substantial impact on the growth and vitality of small and medium-sized enterprises (SMEs) in the global economy. Through the utilization of social media technologies, SMEs can efficiently reach markets and interact with stakeholders while keeping costs to a minimum. As a result, the purpose of this study is to investigate the factors that influence SMEs' adoption of social media and the subsequent impact on their performance. The research team conducted a comprehensive study on the difficulties encountered by Small and Medium Enterprises (SMEs), considering various aspects such as technology, organization, and the environment. To gather data for the investigation, a survey with predefined answer options was administered. By adopting a quantitative methodology, the researchers analyzed 395 responses using structural equation modelling from industries such as Pharmaceutical, Automobile parts components, Electronics, IT solution Provider, Logistics, Financials, Khadi, Ceramics and glass product in Jharkhand. The results suggest that social media is becoming increasingly important for SMEs. By focusing on studying the innovative use of social media, managers and decision-makers in SMEs can improve their performance. However, Business performance refers to how well an organization achieves its goals and objective, typically measured through Sales, Brand Awareness and Customer Relationship. Additionally, incorporating social media into their operations acts as a positive mediator between technology, organization, environment, and SME performance. This research also highlights the advantages of using social media for organizations and provides insights into the motivations behind investing in this digital platform. It will help SME owner/Manager to improve marketing practices via social media adoption.

Innovation and Transformation: Keys to the Success of SMEs in the Digital Age

This article examines the strategic importance of Small and Medium Enterprises (SMEs) in the global economy, emphasizing their agility and innovation alongside the challenges they encounter in adopting new technologies. SMEs, constituting 90-95% of all global enterprises and responsible for 60% of employment, contribute to GDP, economic diversification, and community development. The study reviews a broad spectrum of literature to highlight the role of emerging technologies in enhancing operational efficiency and decision-making within SMEs while recognizing significant obstacles such as financial and human resource limitations and increased cybersecurity risks. Using a mixed-methods approach, this research assesses the impact of technological advancements on a diverse range of SMEs, ensuring generalizability and reinforcing the study’s validity and reliability. It identifies a gap in empirical knowledge on technology integration and offers insights into the dual opportunities and challenges digital tools present. The findings suggest that while SMEs greatly benefit from technological progress, adequate policy support is crucial for overcoming implementation hurdles, guiding strategic technology investments, and fostering economic sustainability and competitiveness in the digital era.

Do Green Finance Policies Inhibit the Financialization of Manufacturing Enterprises? Empirical Evidence Based on a Quasi-Natural Experiment with the “Green Credit Guidelines”

Against the background of the increasing financialization of manufacturing enterprises, whether green financial policies can inhibit the financialization of manufacturing enterprises is a major practical issue worth exploring. It can help government departments to guide the sustainable development of the real economy of enterprises, effectively curbing the trend of over-financialization of enterprises, thus preventing potential systemic risks and safeguarding the sustainable development of the economy. Because the green credit guidelines function as a more mature development of green financial policies, this paper takes Chinese A-share listed companies from 2005 to 2022 as the research sample, adopts the propensity score matching and double difference method, and constructs a quasi-natural experiment with the “Green Credit Guidelines” as the policy shock to analyze the multiple impact effects of green financial policies on the financialization of manufacturing enterprises. The results of the study show that (1) green finance policy has a significant inhibiting effect on the financialization of manufacturing enterprises; (2) due to the different motives of manufacturing enterprises in holding financial assets, green finance policy has a more significant inhibiting effect on the long-term financialization of “substitution”; (3) state-owned enterprises (SOEs) bear more social responsibilities and have credit advantages. Green finance policy has a more obvious inhibiting effect on the financialization of non-state-owned manufacturing enterprises; (4) major shareholders can play a better supervisory role in enterprises with high equity concentrations, so green finance policy has a more significant inhibiting effect on the financialization of manufacturing enterprises with low equity concentrations; (5) financing constraints have a masking effect in green finance policy and enterprise financialization. Based on this, this paper puts forward the following targeted recommendations. For the governmental level: first, to establish a sound manufacturing credit system; second, to focus on enterprise-financing constraints. For the enterprise level: first, to optimize the asset structure to promote transformation; second, to deepen the mixed ownership reform of state-owned enterprises.