The Flexible Capital Company (Flexible Kapitalgesellschaft – FlexCo), which came into effect on 1 January 2024 in Austrian company law, has been introduced as a hybrid company type between the Gesellschaft mit beschränkter Haftung (GmbH) and the Aktiengesellschaft (AG). Created under the 2023 Companies Law Amendment Act (GesRÄG 2023), FlexCo aims to offer a less bureaucratic and more flexible corporate structure for start-ups, social entrepreneurs and SMEs. While retaining the core principles of the GmbH, it integrates innovative elements from the AG, such as capital increases, the ability to repurchase its own shares, and financing tools. Notable features of the FlexCo include low capital requirements (minimum individual contribution of EUR one), share transfers without notary approval, company value shares, and the option for written voting. Tax advantages that encourage employee participation and flexible decision-making processes make FlexCo attractive in the modern business world. However, with only 666 FlexCo companies established compared to 12,194 GmbH companies according to 2024 data, this new structure has not yet gained full acceptance in the market. Since FlexCo balances tradition and innovation through a regulatory dualism approach, holding significant potential in financial reporting, transparency, and corporate accountability. This study, therefore, aims to analyse FlexCo’s legal framework, characteristics, and long-term impacts.

Research Aims: This study aims to investigate the factors influencing sustainable employee performance within the modern VUCA business environment, specifically by examining the impact of transformational female leadership and organizational culture, with work loyalty serving as a critical mediating variable. Design/methodology/approach: A quantitative research approach using an explanatory survey method was employed. Data were collected from 86 employees in the Jababeka industrial estate working under female managers through a validated Likert-scale questionnaire. Analysis was conducted using variance-based Structural Equation Modeling (SEM) with SmartPLS software to evaluate both direct and indirect effects. Research Findings: The findings demonstrate that all proposed hypotheses were accepted. Transformational female leadership and organizational culture significantly and positively impact both sustainable employee performance and work loyalty. Furthermore, work loyalty was confirmed as a significant mediator that bridges the relationship between leadership, culture, and long-term productivity. Theoretical Contribution/Originality: This research offers a novel integration of gender-based leadership and performance sustainability in the context of a developing nation. It bridges the gap between leadership theory and implementation by identifying work loyalty as the psychological engine that converts inclusive leadership and supportive culture into resilient, long-term organizational productivity Keywords: Transformational Female Leadership, Organizational Culture, Work Loyalty, Sustainable Employee Performance

The rapid advancement of digital technologies has fundamentally transformed modern business operations, making digitalization and information systems essential components of organizational success. This study aims to examine the importance of digitalization and information systems in business through a comprehensive literature review. Using a qualitative research approach, relevant academic articles, books, and conference proceedings were analyzed to identify key themes related to business performance, decision-making, competitive advantage, and implementation challenges. The findings reveal that digitalization significantly enhances operational efficiency, productivity, and customer responsiveness, while information systems such as management information systems, decision support systems, and enterprise resource planning systems play a crucial role in supporting data-driven decision-making and organizational integration. Additionally, the review highlights that digitalization contributes to innovation and sustained competitive advantage when aligned with organizational capabilities and strategic objectives. However, challenges including high implementation costs, skills gaps, cybersecurity risks, and resistance to change remain significant barriers, particularly for small and medium-sized enterprises. This study contributes to the existing body of knowledge by synthesizing fragmented literature and providing a holistic understanding of the strategic importance of digitalization and information systems in business. The findings offer valuable insights for researchers, practitioners, and policymakers seeking to navigate digital transformation effectively.

In the modern business landscape, environmental sustainability has become a strategic necessity, especially for manufacturing companies in the food and beverage industry. Growing environmental awareness and corporate social responsibility pressures have led firms to adopt green accounting practices and improve environmental performance as part of corporate accountability. This study examines how green accounting and environmental performance influence the financial performance of food and beverage manufacturing firms listed on the Indonesia Stock Exchange (IDX) during 2022–2023. Using a quantitative research design, the study employed a purposive sampling technique and selected 30 companies that consistently published annual reports and PROPER environmental performance data. Secondary data were obtained from the IDX official website and PROPER reports issued by the Ministry of Environment and Forestry. Data analysis was conducted using multiple linear regression in SPSS 26, supported by t-tests and F-tests to evaluate partial and simultaneous effects. The results show that both green accounting (t = 2.340) and environmental performance (t = 4.812) significantly and positively affect financial performance, with all t-values exceeding the critical threshold. The F-test further confirms that these variables together have a significant combined effect (F = 14.638; p < 0.001). The regression model explains 61.9% of the variation in financial performance, indicating strong explanatory power. Moreover, environmental performance has a more substantial impact (β = 12.495) compared to green accounting (β = 2.221). In conclusion, the study demonstrates that integrating environmental considerations into accounting systems and operational activities strengthens corporate sustainability while simultaneously improving financial outcomes. The evidence supports the idea that environmentally responsible practices generate tangible economic benefits, especially in sectors highly exposed to ecological concerns such as food and beverage manufacturing.

Intellectual capital is recognized as one major source of a firm’s value in the modern business environment. Therefore, this study investigates the impact of intellectual capital (IC) on firm value (FV) in Turkish listed firms following IFRS adoption and examines further if competitive advantage mediates this relationship within an emerging market context. Using panel data for 336 firms listed in Borsa Istanbul from 2005 to 2020, this study uses MVAIC to measure IC and panel regression, EGLS, and dynamic GMM to analyse various effects through direct and mediated relationships. Accordingly, human capital efficiency and innovation capital efficiency significantly enhance firm value, while the effects of relational capital on firm value are mixed. CA, assessed with sale growth and employee growth, does not influence firm value directly. However, it provides a significant mediating effect in transforming intellectual capital into market value. Interaction effects reveal that the fiscal impact of IC is more fully realized when implemented via competitive spillovers. This paper has several unique points. First, it integrates the concepts of IC, firm value, and competitive advantage into a single study. Second, it investigates the relationships within the context of an emerging market. Third, this study contributes to the intellectual capital literature by providing new empirical evidence in an emerging market after the adoption of IFRS.

General Background Bankruptcy law functions as a collective debt resolution mechanism intended to balance legal certainty, economic stability, and fairness between creditors and debtors in modern business systems. Specific Background Indonesia regulates bankruptcy through Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations, while the United States applies the U.S. Bankruptcy Code, particularly Chapters 7 and 11, reflecting different legal traditions and policy orientations. Knowledge Gap Despite extensive discussions on each system, systematic comparison focusing on creditor and debtor protection principles remains limited in highlighting structural and philosophical distinctions. Aims This study aims to compare the bankruptcy regimes of Indonesia and the United States with emphasis on mechanisms, principles, and legal protections afforded to creditors and debtors. Results The findings show that both systems recognize bankruptcy as a collective proceeding, apply creditor priority rules, and provide liquidation and reorganization pathways; however, Indonesia emphasizes procedural simplicity and creditor certainty, whereas the United States prioritizes debtor protection through automatic stay, debtor-in-possession, and reorganization-oriented frameworks. Novelty The study presents an integrated comparative analysis that links procedural design with underlying legal philosophy in both jurisdictions. Implications These findings offer a conceptual reference for bankruptcy law reform in Indonesia by identifying comparative elements that may support a more balanced protection structure for creditors and debtors within evolving economic conditions. Highlights: Both jurisdictions adopt collective debt settlement with structured creditor priority arrangements. Indonesia relies on simplified procedural thresholds, while the United States applies debtor-centered reorganization mechanisms. Divergent legal philosophies shape distinct institutional roles for courts, creditors, and debtors. Keywords: Bankruptcy, Creditor, Debtor, PKPU, Bankruptcy Law, Comparative Law

Purpose In the modern business world, ethical corporate behavior is increasingly important, especially when faced with consumer boycotts triggered by moral and political values. The current rampant moral boycott against organizations demonstrates how external pressures can affect the internal dynamics of an organization. This study aims to examine how spiritual leadership influences unethical pro-organizational behavior (UPB), mediated by employee work engagement, in the context of a moral boycott of the company. Design/methodology/approach The questionnaire was distributed to 112 employees from 12 branches of Kentucky Fried Chicken in Lampung Province, Indonesia. The analysis used mediation regression analysis to examine the relationship between the constructs. Findings The results showed that the direct effect of spiritual leadership on UPB was insignificant. Still, the indirect impact through work engagement was significant, indicating that work engagement fully mediates the relationship between spiritual leadership and UPB. These findings reflect two faces of spiritual leadership, where leaders who prioritize integrity, empathy, compassion and well-being do not encourage UPB, but instead have the potential to trigger UPB when they can promote high levels of work engagement. Research limitations/implications This study integrates spiritual leadership and social exchange theory. In the context of a moral boycott, failing to align organizational practices with societal ethical expectations can lead to a moral backlash, which can impact employee moral dilemmas and threaten operational sustainability and public trust. Originality/value This study offers valuable insights for practitioners in leading organizations that face social and ethical pressures, and proposes the importance of integrating ethical values into leadership strategies.

This study provides an extensive review of phygital transformation the strategic integration of physical and digital experiences to enhance customer engagement and business performance. Through a descriptive and exploratory analysis of existing literature, industry reports, and case studies, the paper investigates the evolution, benefits, challenges, and future prospects of phygital transformation across sectors such as retail, banking, healthcare, and entertainment. The findings highlight that technologies like Artificial Intelligence (AI), Augmented and Virtual Reality (AR/VR), and the Internet of Things (IoT) are central to creating seamless, personalized, and interactive customer experiences. Case studies of Nike and Amazon demonstrate how effective phygital strategies can strengthen brand loyalty, streamline customer journeys, and improve operational efficiency. The research further emphasizes that while phygital transformation provides substantial competitive advantages, businesses face obstacles including high implementation costs, technological compatibility issues, and customer adaptation challenges. Moreover, the study identifies key success factors such as data-driven personalization, integration of digital tools with physical touchpoints, and consistent omnichannel strategies. Looking forward, advancements in AI, blockchain, and immersive technologies are expected to redefine the phygital landscape, offering new avenues for innovation and customer connectivity. Ultimately, this paper concludes that phygital transformation is not merely a marketing trend but a pivotal paradigm shift in modern business strategy, shaping the future of consumer engagement and redefining the relationship between brands and their customers in the digital era.

This study aimed to suggest strategies for running sustainable family-owned businesses in Thohoyandou, Limpopo Province, South Africa. While family-owned businesses contribute significantly to employment and local economic development, their survival is often threatened by challenges such as poor financial management, family disputes, inadequate planning, and lack of government support. Using a qualitative exploratory design, semi-structured interviews were conducted with ten family-owned businesses operating in diverse sectors. Thematic Content Analysis revealed that strategies for sustainability include strengthening financial management systems, investing in skills development, formalising succession planning, embracing innovation and technology, and building strong customer relationships. The study concludes that long-term sustainability can be achieved when family-owned businesses integrate modern business practices with their cultural strengths. It recommends structured training, adoption of governance mechanisms such as family councils, and targeted government support tailored to rural enterprises.

This study examines the role of the fixed asset cycle audit in enhancing transparency and accountability in the management of modern business entities. Fixed assets represent a significant portion of organizational resources and require responsible management to ensure reliable financial reporting and sound corporate governance. The research adopts a qualitative approach through a structured literature review of auditing textbooks, empirical studies, and prior research related to fixed asset auditing, internal control, and managerial accountability. The findings indicate that the fixed asset cycle audit plays a critical role in improving the quality of asset disclosure, strengthening managerial responsibility, and supporting effective internal control systems. Audit procedures focused on existence, valuation, and compliance contribute to more transparent reporting and reduce the risk of misstatement and asset mismanagement. Furthermore, the integration of fixed asset audits with risk-based audit approaches enhances the organization’s ability to mitigate operational and financial risks. The study highlights that a well-implemented fixed asset audit supports stakeholder trust and reinforces sustainable business practices. These findings provide valuable insights for auditors, management, and policymakers in strengthening governance frameworks related to asset management.

A modern school or business firmly understands how challenging it is to track students’ attendance. It requires a plethora of effort and time to get the attendance without any mistake and fraud. These days, taking attendance by hand has a number of problems. but this paper discusses an Automated Attendance System (AAS) Made Using One solution to the aforementioned problems is facial recognition technology. We aim to develop and create a seamless and contactless process that facilitates the effective recording of attendance by utilizing state-of-the-art image processing and machine learning technologies to recognize and authenticate people. This system follows some simple basic protocols of how registration of a student works. First the students would go through a registration corpus and have their facial images clicked and with this data an embedding would be formed which would serve as a template for later phases. The template would be a sort of reference for the devices and would allow the students to not be bottlenecked and aid the staff with efficient attendance tracking. The teacher can only log in with a session password encoded through email and while logging in the system requires the teacher to enter his password. Through a student module, the system keeps track of all student information in one location and all student information is easily accessible. The possibility of proxy attendance would be eliminated.

Quality tools have a well-established place in business management. They help diagnose, analyze, and solve quality problems. In manufacturing companies, they are also used in process and product improvement projects. However, only the proper selection of quality tools can bring tangible benefits to an organization. Given their diverse content and methodologies, supporting the selection of these tools becomes a crucial issue. A literature review indicates only a few solutions in this area, implemented as decision support systems. Additionally, the challenges of Quality 4.0 and the demands of modern business reveal a research gap in automating the process of selecting quality tools. This is particularly true for less experienced company employees participating in improvement programs. Our previous research shows how machine learning using neural network models supports the development of an expert system in this area. The aim of this paper is to present the results of research conducted in which classifiers in the form of decision trees were developed. At the same time, attempts were made to demonstrate that decision tree classifiers (on an extended Excellence Toolbox dataset) can automatically recommend qualitative tools with an accuracy better than neural networks, while offering interpretable rules. The decision-tree models achieve strong classification performance, with the best tree reporting 96.75% effectiveness. In contrast, the neural network from previous studies achieved 94.87%.

Network marketing, as one of the modern business models, has provided a significant capacity for creating entrepreneurial opportunities. However, the emergence of such opportunities depends on a set of causal and contextual conditions that have not yet been systematically analyzed. The purpose of this study is to identify and explain the causal and contextual conditions that influence the process of entrepreneurial opportunity formation within the context of network marketing in Iran. This study was conducted using a qualitative research design based on the grounded theory approach. Data were collected through semi-structured interviews with 12 experts in the fields of entrepreneurship, marketing, and network management, and analyzed through open, axial, and selective coding. The findings indicated that causal conditions such as economic motivation, job dissatisfaction, and the pursuit of occupational independence, along with contextual conditions such as legal structures, social culture, professional education, and information technology infrastructure, play a decisive role in identifying and exploiting entrepreneurial opportunities in this field. Accordingly, the proposed conceptual model of the study illustrates the dynamic interaction among these factors as a prerequisite for the emergence of sustainable opportunities. The results of this study can assist policymakers, network marketing practitioners, and entrepreneurs in designing more effective strategies for the development of network marketing–based businesses by gaining a more accurate understanding of environmental and causal conditions.

A lack of technological understanding and limited assistance in applying acquired knowledge has caused many Small and Medium Enterprises (SMEs) to struggle in adopting modern and competitive business strategies. Therefore, this study aims to develop online-based entrepreneurial competencies and analyze their influence on performance behavior among SMEs in Baubau City. This research employs a mixed-methods approach combining quantitative and qualitative techniques supported by meta-analysis. Quantitative data were collected through questionnaires to obtain objective and measurable evidence of the relationship between online-based entrepreneurial competencies and SME performance behavior. Qualitative data were gathered through in-depth interviews to support and enrich the quantitative findings. In addition, meta-analysis was used to provide deeper insight into the consistency of findings from previous studies. The results show that online-based entrepreneurial competencies significantly improve SME performance behavior in Baubau City, despite limited individual digital effects.

This study examines the role of professional netiquette in Business English instruction within a digitalized learning environment for management students. As communication in modern business increasingly relies on email, messaging platforms, video-conferencing, and Learning Management Systems, digital etiquette has become essential for maintaining professionalism and communicative effectiveness. Using a descriptive qualitative design, this study analyzed three units of Speaking and Business English instructional materials from the Management Department, focusing on learning objectives, instructional activities, and assessment tasks. Additional documents such as syllabi, worksheets, and rubrics were included to strengthen the analysis. The findings show that students possess only a moderate awareness of netiquette, with inconsistent performance across email writing, instant messaging, virtual meetings, and LMS interactions. Students, however, perceive netiquette as highly relevant to their future roles in digital business, particularly in areas related to credibility, remote teamwork, and customer communication. The study identifies several pedagogical strategies for integrating netiquette into Business English instruction, including explicit teaching of digital etiquette principles, authentic digital communication tasks, improved feedback mechanisms, reflective learning activities, and curriculum alignment. These findings emphasize the need for curriculum innovation that prepares students to communicate ethically, professionally, and effectively in digital business environments.

Sustainability practices are a critical aspect of modern businesses and are evident in their success. In the hotel industry, sustainability has evolved from a niche trend to a crucial business strategy, driven by shifting consumer preferences, heightened environmental awareness, and the growing global demand for responsible tourism. Travellers increasingly prioritize eco-conscious options, and hotels are adopting and communicating effective and authentic sustainability practices that can significantly impact their brand loyalty among customers. The World Tourism Organization, in its 2023 sustainability report, stated that 73% of global tourists prefer to select hotels that adopt sustainable practices. This shift in customer preference has led to a significant transformation in the hotel industry. Sri Lankan hotel businesses are also aligned with the global sustainability trend and are increasingly embracing sustainability initiatives, with the intention of establishing a more successful and impactful business. This contemporary research was conducted as a cross-sectional quantitative study to gather the perceptions of tourists who visit and stay in Sri Lankan hotels, regarding sustainability practices and their impact on sustainability. The data were collected through an online structured questionnaire with validated Likert scale items distributed to tourists staying in hotels in Colombo. The sample of the study comprises 384 tourists who visited Sri Lanka in 2024. The data were analyzed using multiple regression analysis. The research results revealed that perceptions of environmental, economic, and social sustainability have a significant impact on brand loyalty. The limitations encountered by the researcher were the quantitative nature of the research, which makes it difficult to capture the true perceptions of the customers, and the limited access to the respondents due to the privacy concerns of the tourists; the researcher suggests conducting a qualitative study by expanding the geographical location of the study in the future.

This study aims to examine the processes and implications of integrating global entrepreneurial values into a modern business management system at MTs Sunan Ampel as an Islamic educational institution responsive to global dynamics. Employing a qualitative approach with a case study design, the research explores in depth how global entrepreneurial values are embedded within institutional policies, leadership practices, organizational culture, and learning processes. Data were collected through observations, in-depth interviews, and document analysis involving the principal, vice principal for curriculum, teachers, and students. The data were analyzed through systematic stages of data reduction, data display, and verification, utilizing content analysis, discourse analysis, and interpretative analysis. The findings indicate that global entrepreneurial values such as innovation, adaptability, ethical leadership, sustainability, collaboration, and risk-taking have been systematically integrated into the school’s management framework and pedagogical practices. This integration is reinforced by transformational leadership, curriculum alignment with global competencies, and the application of project-based learning supported by digital technologies. Despite constraints related to technological infrastructure, the institution demonstrates adaptive capacity in contextualizing and internalizing global entrepreneurial values. The study concludes that the integration of global entrepreneurial values significantly strengthens managerial effectiveness, fosters an innovation-oriented organizational culture, and enhances the global competitiveness of Islamic educational institutions in responding to the complexities of the contemporary global economy.

Behavioral finance has evolved as a transformative field that bridges cognitive psychology and financial economics, challenging traditional assumptions of rational decision-making in business environments. Modern organizations increasingly recognize that managerial decisions are influenced by heuristics, biases, emotional responses, and social dynamics, all of which significantly affect strategic outcomes. This research paper investigates how behavioral finance principles shape managerial decision-making and how psychological insights can be integrated into business strategy to enhance organizational performance. By reviewing theoretical constructs such as heuristics, prospect theory, overconfidence bias, anchoring, loss aversion, and herd behavior, the study explains why managers deviate from rational models predicted by classical finance. The paper further discusses how behavioral interventions, such as debiasing techniques, nudge strategies, and structured decision frameworks, can strengthen managerial judgment. Case studies from industries including investment management, technology, and banking illustrate practical applications. Ultimately, this paper argues that incorporating behavioral finance into strategic management not only improves forecasting accuracy and risk assessment but also cultivates adaptive leadership capable of navigating uncertainty in dynamic markets.

Ancient civilizations provide the early foundations of modern business concepts through their economic systems; however, their systematic analysis within management and business studies has remained limited. This research study presents a comparative examination of trade and commercial activities in ancient India and ancient Iran (Persia), with the objective of extracting the fundamental elements of the business models practiced in these civilizations. The study is based on a critical analysis of historical texts, archaeological evidence, documentation of trade routes, and secondary scholarly sources. The findings indicate that in ancient India, commerce developed under a decentralized, network-based model, where trade guilds, merchant communities, and local markets formed the core of economic activity, while the role of the state was largely confined to regulation and facilitation. In contrast, ancient Iran exhibited a centralized, state-sponsored business model, in which royal administration, standardized taxation, currency systems, and robust infrastructure enabled long-distance trade. Despite the differences in their commercial structures, both civilizations shared prominent principles such as trust, ethical trade practices, institutional governance, and sustainability. Theoretically, this study extends business model theory by situating it within a historical context, and practically, it offers valuable insights for contemporary business practices, supply chain management, and policy formulation. In this way, the research establishes an effective scholarly bridge between ancient economic wisdom and modern managerial thought.

The paper deals with comprehensive theoretical research of the areas of harmonization of the foundations of the development of traditional and digital marketing as a single system of positive influence on consumer behavior. The relevance of solving the research problem lies in the expansion of the conceptual foundations of the integration of traditional and digital marketing into a single system of modern marketing in order to create effective strategies for achieving business development targets through the formation and expansion of target audience segments by increasing the degree of personalization and ensuring a high level of satisfaction of consumer needs. As a result of researching the theoretical foundations of the essence of consumer behavior and determining the relationship between the concepts of traditional and digital marketing, it is proposed to consider consumer behavior as a complex and multifactorial category, the formation and management of which are determined by the influence of a combination of traditional and digital marketing tools.The methodological tools of the research include methods of comparative analysis, empirical analysis, statistical modeling, and mathematical methods. The result of the research consists of a developed model of the complex of modern marketing, under which it is proposed to understand a hybrid system, where each of the 7P components integrates traditional and digital aspects, creating a unified and coherent experience for the consumer. Theoretical principles are developed, and an improved scheme of the consumer behavior model is proposed for practical use with the definition of classification features of advertising in digital marketing channels in the formation of influence on the consumer's subconscious mind.The results of the conducted research can be useful for marketers, business owners, and scientists who devote research to the issue of harmonization of the action of traditional and digital marketing strategies into a single system in the modern business environment.