Intellectual Economics 2022-07-11T10:22:33+03:00 Editorial Board Open Journal Systems <p><img src="" alt="" /></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p><strong>Intellectual Economics (IE) welcomes manuscripts but is not limited to in the following research areas:</strong></p> <ul> <li>Innovative Investment Evaluations and Management</li> <li>Costs and Effect of Smart/Financial Technologies (Blockchain, Crypto Economies)</li> <li>Sustainable Development of New Economy and Social Technologies, its Ecological Costs</li> <li>Intellectual Capital Evaluation (Impact Assessment and Human Resources Management)</li> <li>Effective Strategic Administration and Social Responsibility</li> <li>Intellectual Property Rights: Economic Efficiency, Infringements</li> <li>Talent Development in Emerging and Transitional Economies</li> <li>Economic Security</li> </ul> BUILDING A CONCEPTUAL FRAMEWORK FOR USING BIG DATA ANALYTICS IN THE BANKING SECTOR 2022-06-21T15:18:08+03:00 Dai Thich Phan Lam Quynh Trang Tran <p>Big Data and Big Data Analytics (BDA) are becoming trending technologies of the future. This topic has garnered considerable interest from researchers and businesses. However, BDA research in the banking sector has proven to be extremely limited and mixed. Addressing the challenges of BDA application and laying the foundation for BDA to improve banking efficiency raises significant questions about strategic management in the banking sector. Through a systematic review of the literature and a case study in Hungarian banks, this study intends to address the major inconsistencies in existing ideas about BDA applications. This study also proposes a conceptual model to evaluate the impact of factors influencing the use of BDA in the banking sector and investigates whether BDA affects the performance of banks. Our study finds that the use of BDA in the banking sector has to be aligned with the creation of dynamic capabilities that positively and directly affect banking in terms of the market and operational performance. Meanwhile, the dynamic capabilities created by BDA usage have a moderating impact on bank performance through improved risk management performance. Furthermore, this research helps managers focus on key factors, namely technological infrastructures, Big Data skills, data quality, and top management support, to boost the efficiency of using BDA.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics DETERMINANTS OF UKRAINIAN AGRO-INDUSTRIAL COMPANIES’ STOCK PRICE MOVEMENTS 2022-06-21T15:49:59+03:00 Ruslan VOROBEI <div class="article-abstract"> <p>Economic activity in the sphere of agriculture generated from 7.5% to 12.4% of Ukrainian GDP during 2010–2020. The financial health and stability of system-forming agro-industrial companies strongly influence socio-economic outcomes at the current stage of Ukrainian de- velopment. The market capitalization of agro-industrial enterprises, as well as the evolution of their stock prices, reflects the efficiency of economic activity and management decisions. The constant evaluation of Ukrainian agro-industrial companies’ stock price movements, along with the determinants that cause their change, allows a clear understanding to be obtained for strategic management of the current market position of the company as well as when forming a vision for the next steps of development. Consequently, the aim of this article is to review the evolution of the largest Ukrainian agro-industrial companies’ stock prices, to empirically evaluate the interconnection of selected determinants with stock price changes, and to formulate conclusions based on the analysis conducted. To achieve the research aims, statistical methods such as correlation and multiple regression analysis were used, as well as comparative economic analysis.</p> <p>Based on the study results, it is possible to conclude that during 2010–2020 the stock prices of selected agro-industrial companies had uneven paths of evolution, but there was an overall downward shift in 2014 during the economic crisis in Ukraine. With selected multiple regression independent variables, it is possible to explain more than 70% of stock price variation and to closely capture the general trend of 2010–2020 stock price movements. The study results can be used by the management of agro-industrial companies to make data-based strategic decisions.</p> </div> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics ENVIRONMENTAL, SOCIAL, AND GOVERNANCE POLICY INTEGRATION AND IMPLEMENTATION FROM THE PERSPECTIVE OF CORPORATIONS 2022-06-22T09:00:46+03:00 Ilze ZUMENTE Jūlija BISTROVA Jū Nataļja LĀCE Nataļ <p>Sustainability has taken over the corporate world as wider disclosure and increased commitment is expected around environmental, social, and governance (ESG) matters from companies globally. Firms operating across emerging economies such as Latvia are no exception, and several studies have recently pointed towards increasing ESG consciousness in the Baltics and in the overall Central and Eastern European region – both in stock listed companies as well as financiers.</p> <p>Evidence on self-evaluation, motivation, and challenges from the perspectives of these companies themselves in an overall aggregated form is currently still missing. This study, therefore, aims to capture the ESG adoption and implementation practices of companies operating in Latvia.</p> <p>By analyzing the survey data of 74 medium to large enterprises of various industries and ownership structures, the results indicate an average degree of ESG factor implementation of 5.45 out of 10. Higher scores were attributed to stock-listed, foreign corporation-owned, and state-owned companies, as well as companies with gender-diverse management boards and supervisory boards in place. Sustainability disclosure, especially according to recognized standards, is performed by only 11% of respondents, signaling inconsistencies in materiality assessments and free preference regarding the factors of disclosure, leading to greenwashing concerns.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics EFFICIENCY ANALYSIS ON THE CONSUMPTION OF SOFTWARE PIRACY IN OECD COUNTRIES 2022-06-22T09:07:51+03:00 Pulido PAVÓN Borrero MOLINA Palma MARTOS <p>This paper focuses on one of the topics of copyright economics: the study of software piracy and its determinants. The efficiency of OECD countries regarding the consumption of illegal software is analyzed. In this vein, efficiency is associated with the minimal consumption of software piracy according to the socioeconomic characteristics of a nation. Data Envelopment Analysis is the methodology employed, which assigns an efficiency score to the countries in order to establish a ranking of efficiency. Additionally, a relationship is established between the legal origin of the copyright law of a country and its efficiency level. The results of the efficiency analysis show that the efficient countries are Austria, Hungary, Japan, Korea, Mexico and Slovakia; this leads to the affirmation that the countries with lower levels of piracy are not always efficient. According to the legal origin of copyright law, countries with a German origin are the most efficient. Consequently, the efficiency score is not related to the level of software piracy but to the legal origin.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics LEADERSHIP AND MOTIVATION IN THE GREEK PHARMACEUTICAL INDUSTRY 2022-06-22T09:11:07+03:00 Serafeim ANGELIS Persefoni POLYCHRONIDOU <p>In today’s rapidly changing environment, leadership style and employee motivation are considered as crucial factors for organizations to operate effectively and achieve their missions and objectives. The pharmaceutical industry makes a major contribution worldwide, and in Greece particularly, not only to public health and welfare but also to the economy and employment. The annual turnover of pharmaceutical production in Greece was estimated over one billion euros for the years 2018–2019 (Tsakanikas et al., 2020), and more than 23,300 employees were employed in the sector in 2020, demonstrating a significant increase (9.8%) compared to the previous year (SFEE-IOBE, 2020). In this study, leadership and motivation in the Greek pharmaceutical industry is studied via an empirical analysis. The primary data, collected via questionnaires answered by pharmaceutical industry employees located in Greece, aimed at identifying the impact that leaders, communication, and motives have on employees’ performance in the context of the altered and vol- atile environment the COVID-19 pandemic – which unavoidably changed people’s attitude, needs, and ways of communication – has shaped. A general framework was indeed identified (democratic and transformational leadership); however, characteristics of other distinct leadership styles were also observed. Managers’ opinions about themselves regarding their contribution to employees’ effec- tiveness were positive but did not achieve the highest grade. Subordinates were positive in this regard, albeit with more tending to agree than strongly agree. Similar findings were extracted regarding mo- tivation. Communication was affected by the new environment that the COVID-19 pandemic has shaped. Face-to-face communication was considered more effective than distance communication; however, employees had positive feelings when they worked remotely and felt more flexible. Finally, according to the above, the overall outcome was positive, yet still indicates that there is room for improvement or for adaptation to the new situation.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics CHANGES IN THE VISEGRAD GROUP ECONOMIES IN LIGHT OF THE MISERY INDEX 2022-06-22T09:16:57+03:00 Jana MASÁROVÁ Eva KOIŠOVÁ Valentinas NAVICKAS <p>The economic performance of countries depends on the stages of the business cycle and changes due to various factors and influences. While the economic crisis of 2008 was triggered by financial factors, the crisis of 2020 was caused by factors of a non-economic nature – the COVID-19 pandemic. The purpose of this paper is to assess changes in the performance and level of economic activity in the Visegrad Group economies in 2009, 2019 and 2020. This assessment is performed using GDP per capita, magic square and the misery index. In 2009, the best performing country was the Czech Republic and the worst was Hungary. In 2019 and 2020, Poland reached a performance level similar to the Czech Republic, and Slovakia performed the worst.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics WILL EU BE LESS PRODUCTIVE IN THE TIMES OF AGING POPULATION? 2022-06-22T09:21:17+03:00 Valdas ANDRIULIS Mindaugas BUTKUS Kristina MATUZEVIČIŪTĖ <p>The paper aims to evaluate the impact of aging labour force on productivity, measured as a GDP per person employed and total factor productivity (TFP), in the European Union (EU) countries based on models developed by Calvo-Sotomayor et al. (2019), Poplawski-Ribeiro (2020), Feyrer (2008), and Aiyar and Ebeke (2016). We combine different research methods to address previous criticism and use the most recent data to compare our results with previous trends and draw conclusions about the impact of an aging labour force on productivity. Measuring productivity as a GDP per person employed, the study finds that the aging labour force has a negative and statistically significant effect, which differs between the EU-15 and EU-13 countries, on productivity. Our evidence is not entirely robust since the negative effect of aging labour force on productivity measured as TFP was not statistically significant.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics SUSTAINABLE DEVELOPMENT AND THE DIGITAL TRANSFORMATION OF EDUCATIONAL SYSTEMS 2022-06-22T09:23:58+03:00 Wadim STRIELKOWSKI Elena KORNEEVA Larisa GORINA <p>Aim: Our research concentrates on the sustainable development and digital transformation of educational systems. This topic has gained the special attention of researchers and policymakers in recent years due to the wide spread of information and communication technologies (ICT) and the digital surge that can be observed all around the world. This digital surge, which can also be called a digital revolution, was further deepened by the COVID-19 pandemic, which resulted in the massive closure of schools and universities and the deployment of online and home learning.</p> <p>Methods: We use data obtained from researchers and lecturers at universities and higher education institutions in the Czech Republic and Russia between September 2020 and March 2021 to perform ordinal regression analysis. This allows us to test the relationships between effectiveness as a key factor of creativity on one side and motivation to look for new ways of teaching and research during and after the COVID-19 pandemic on the other.</p> <p>Results: Overall, it appears that there are still many obstacles to the digital transformation of educational systems that might be embedded in the structure and the scope of today’s educational institutions. We demonstrate that, at present, universities and higher educational institutions are undergoing r`adical change driven by the need to digitize education and training processes in record time, and that many academics lack the innate technical skills for online education. Nevertheless, it appears that young and motivated academics and researchers are keen on embracing new technologies and support the digital transformation of educational systems.</p> <p>Conclusions: Our results might be useful for decision-makers and stakeholders in universities and higher education institutions for designing their strategies for the digitalization of educational systems.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics THE APPLICATION OF MACHINE LEARNING METHODS IN DETERMINING ATTRACTIVE DEVELOPMENT DIRECTIONS FOR TOURISM BUSINESSES 2022-06-22T09:28:18+03:00 Oleksandr ZYMA Lidiya GURYANOVA Nataliia GAVKALOVA Natalia CHERNOVA Olga NEKRASOVA <p>This paper proposes a methodical approach to the selection of attractive development directions for tourism businesses. The approach is based on the following machine learning methods: “center of gravity” method; taxonomic indicator of the level of development; hierarchical agglomerative and iterative methods of cluster analysis; methods for analyzing panel data; and Kohonen neural networks. The developed approach includes the following core blocks: classification of countries (regional market segments) according to the level of socio-economic development and safety; formation of a diagnostic indicator system of countries’ touristic attractiveness; assessment of the development dynamics of the market geographical segments (countries); classification of countries according to the level of tourist attractiveness; and selection of development directions for the tourism industry. The proposed approach is implemented on the data of 35 countries, including the EU countries and the countries of the post-Soviet space. The results show that the most attractive geographic market segments for tourism business development are such countries as Italy, Spain, Croatia, Greece, Portugal, and Poland. These countries are characterized by a high level of security, average cost and barriers to entry into the tourism market, a steady pace of development of the tourism industry, a favorable business environment, attractive natural resources, and developed infrastructure. Comparison of the dynamics of tourist flows with the obtained distribution of countries by the level of tourist attractiveness made it possible to single out Portugal separately, which is characterized by a high level of tourist attractiveness, but insufficient actual intensity of tourist flow. Implementation of the proposed approach in the business processes of travel companies make it possible to improve the quality of management decisions regarding the choice of tourism business development directions.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics APPLYING SOCIAL MEDIA IN THE HOTEL SECTOR: SATISFACTION WITH THE FACEBOOK PAGES OF HOTELS AND INTENTION OF FUTURE VISIT 2022-06-22T09:32:55+03:00 Nguyen Thi Kim Hue Nguyen Thi Loc Nguyen Thi Hong <p>This study is carried out with the main objective of analyzing the determining fac- tors for the gratification of Facebook users when accessing a hotel’s Facebook page and verifying the relationship between satisfaction with the Facebook page and the intention to visit a hotel. This study surveyed 404 Facebook users in Vietnam. The methods of exploratory factor analysis, con- firmatory factor analysis, and structural equation modeling are used to process the data. The results conclude that the factors affecting satisfaction with hotels’ Facebook pages are information, con- venience, and social interaction; in addition, satisfaction with these Facebook pages has a positive effect on the intention to visit a hotel. This study contributes to hotels by helping them to understand the expectations of customers on their Facebook pages. From there, suggestions as to how to take measures to improve their presence on Facebook and enhance their competitiveness on the virtual platform are provided.</p> 2022-06-22T00:00:00+03:00 Copyright (c) 2022 Intellectual Economics