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Studies and researches
Vol. 15 Issue 2 - 12/2023
Perception of Robotics in General and in Higher Education for the Industry 4.0 Era
Robotics has largely developed lately and is currently being used for various types of industries, e.g., manufacturing, military, medicine, education. The purpose of this study is to explore the general perception of robotics, with a focus on its application in higher education in the Industry 4.0 era. Using simple convenience sampling, a number of 365 valid responses were collected from the students enrolled in a South Korean university and exploratory factor analysis was employed. Out of an initial number of 56 items, 33 were retained using the principal component analysis, and six factors were revealed: emotional robots, instructional support robots, instructional subordinate robots, labor force robots, progressive robots and scary robots. Perceptions of male students differ significantly from those of females in some respects – the former believe more that human labor will be replaced by machine labor, that robotics could be helpful in higher education, and that the development of robotics should be promoted by countries. South Korean students, unlike non-South Korean ones, consider to a larger extent that robots can have emotional functions, that they might take the place of human labor and could reduce the job opportunities, while admitting robots’ capacity of making life easier and of creating mutual human-robot learning opportunities. The discussions and implications provided will be useful to managers and policy makers, particularly in education. Read more
Keywords:
robotics, robot, education, Industry 4.0, South Korea, instructional support robots

JEL:
I23, O14
Studies and researches
Vol. 15 Issue 2 - 12/2023
Smart City Strategies in Slovak Cities
The concept of Smart City represents a resonating theme in the world, which is based on the efforts of the creators of this concept to increase the quality of life in cities. In recent years, it has gradually become a phenomenon that cities around the world are trying to apply. The reason for its introduction is the added value in the form of more efficient functioning of human society, as according to the data available so far, it increases safety in the city, enables more efficient transport of goods, services, human capital, reduces the negative impact on the environment, speeds up administrative processes, increases economic development and brings financial savings. All this is happening against the background of the increased interest of city dwellers in public administration. With these facts in mind, our ambition is to identify the degree of application of the implementation of the Smart City concept in Slovakia and, based on relevant data, create a realistic picture of the possibilities and limits of the concept in our domestic environment. In order to achieve the research objective, we rely on a set of quantitative (questionnaire survey) and qualitative methods (critical analysis) that are also used in social sciences. Based on our research intention, we must draw attention to the obviously negative state of development of this strategic concept at the level of Slovak cities. Because the Smart City concept represents a challenge for the future development of self-government in our environment, it is necessary to reflect on the current starting point and proceed with the implementation of steps aimed at correctly grasping and understanding the importance of the issue by the professional public, municipal politicians and residents of self-governing units. Due to the fact that it is a relatively new topic, there are only a few works dealing with the issue of the Smart City concept or its application in our domestic conditions. Nevertheless, our research intention is open to new knowledge and interpretations by current and future authors who find strength and interest in this issue. Read more
Keywords:
Smart City, city innovation, Slovak Republic, urban development

JEL:
J18, H83, H76
Studies and researches
Vol. 15 Issue 2 - 12/2023
Analysis of Value-Creating and Supporting Component of the Value Chain in the Production Process
This research focuses on the application of the Process Value Added (PVA) method in the environment of custom piece production at STS Prachatice a.s. The main objective was to identify the most profitable and most loss-making processes, to evaluate the value added of individual production operations, to assess the potential for outsourcing certain processes, and to analyse the profitability of specific orders. The study uses a selection of 30 atypical orders from 2022, obtaining data on selling prices, production hours and costs associated with production and overhead. The analysis shows that manufacturing processes add the most value, while inspection processes are less profitable. Processes suitable for outsourcing were identified, especially when in-house capacity is not used. It was also found that the most profitable orders are those that combine high product uniqueness with efficient use of materials and production hours. The PVA methodology allowed to quantify the added value in the context of time and cost parameters and revealed that contracts with high time pool and unit costs have the most significant added value. PVA indices were established to better reflect the results achieved. The research findings have practical implications for the organization and efficiency of the production process at STS Prachatice, contribute to the development of business policy and procurement activities, and serve as innovative material for academic purposes. The study demonstrates that the PVA method is an effective tool for analysing and optimising business processes, enabling companies to better understand and manage process value-added in order to increase profitability and competitiveness. The implementation of this method in practice has shown concrete economic benefits and provided valuable information for further business policy and procurement solutions. Read more
Keywords:
added value, analysis, product portfolio, PVA, production processes

JEL:
D61, M20, O14
Studies and researches
Vol. 15 Issue 2 - 12/2023
Determining a Revenue Generating Model that Creates Customer Value by Using a Skip-the-line Application in Romania
The main objective of this research is to identify a suitable monetization model that satisfies the customer segment of a skip-the-line application (app) in Romania. The app will enable clients visiting physical hospitality venues to benefit from a simplified order and payment process, eliminating the need for queueing and waiting, while also enhancing the overall user experience. The purpose is to build a successful, profitable startup around the skip-the-line app. The study is based on data and insights regarding the digitalization of the hospitality industry and the problem of waiting time. Moreover, exploring revenue models for digital products allows for a broad understanding of the market dynamics regarding the skip-the-line app, helping with diversifying revenue sources, prioritising a customer-centric approach and understanding the economic viability of such solutions. The research delves into a comprehensive market analysis to understand the current landscape of the hospitality industry in Romania, alongside investigating multiple approaches that have been implemented in other countries. By identifying key trends and customer preferences, the study gains insights into how consumers interact with digital solutions and their willingness to adopt innovative approaches. These insights help tailor the monetization model to align with customer behaviour and expectations. The theoretical framework used is comprised of Business Model Canvas, Customer Persona Framework and Revenue Model Framework. The monetization model that best satisfies the customer segment of the skip-the-line application was defined in the socioeconomic and business environment of Romania, consisting of a percentage-based cost-sharing approach in which both venues and final consumers contribute to the operational expenses of the app. This adjustment is the outcome of survey responses and expert interviews, promoting fair and active participation from both sides. Customers will benefit from seamless experiences, while venues would be able to serve faster and more organised, leading to increased revenue. These modifications constitute a purposeful shift towards a customer-centric approach, emphasising a transparent and reciprocal exchange of value between venue owners and clients, fostering trust and fairness while aligning the interests of all parties involved. Read more
Keywords:
HoReCa, digitalization, waiting time, revenue model

JEL:
O52, Z30
Studies and researches
Vol. 15 Issue 2 - 12/2023
Awareness of Unethical Artificial Intelligence and its Mitigation Measures
The infrastructure of the Internet is based on algorithms that enable the use of search engines, social networks, and much more. Algorithms themselves may vary in functionality, but many of them have the potential to reinforce, accentuate, and systematize age-old prejudices, biases, and implicit assumptions of society. Awareness of algorithms thus becomes an issue of agency, public life, and democracy. Nonetheless, as research showed, people are lacking algorithm awareness. Therefore, this paper aims to investigate the extent to which people are aware of unethical artificial intelligence and what actions they can take against it (mitigation measures). A survey addressing these factors yielded 291 valid responses. To examine the data and the relationship between the constructs in the model, partial least square structural modeling (PLS-SEM) was applied using the Smart PLS 3 tool. The empirical results demonstrate that awareness of mitigation measures is influenced by the self-efficacy of the user. However, trust in the algorithmic platform has no significant influence. In addition, the explainability of an algorithmic platform has a significant influence on the user's self-efficacy and should therefore be considered when setting up the platform. The most frequently mentioned mitigation measures by survey participants are laws and regulations, various types of algorithm audits, and education and training. This work thus provides new empirical insights for researchers and practitioners in the field of ethical artificial intelligence. Read more
Keywords:
artificial intelligence, biased artificial intelligence, algorithmic fairness, IT-audit, ethical AI

JEL:
C30, D83, M00
Studies and researches
Vol. 15 Issue 2 - 12/2023
State and Entrepreneurship on the Road to Green Growth in a Post Lignite Era: Friends or Foes?
Green governance is an emerging field, attracting increasing attention from scholars, and governments have been using a range of policy tools to support the transition to green economy, including regulation; financial incentives; voluntary agreements; fiscal measures; public sector procurement; targeting to the deployment of clean energy technologies. Greece has little experience in developing comprehensive long-term energy and climate strategies; thus, it is imperative that governance and analytical underpinning of long-term energy and climate planning be improved, and investment needs and innovative financing instruments for clean energy technologies analysed. To investigate the critical issue of state and entrepreneurship synergies in the framework of the green economy, the present survey employed a web-based questionnaire distributed to 417 small and medium sized enterprises in Western Macedonia from September to December 2021. Data analysis involved an exploratory factor and logistic regression analysis, creating a statistical model with three independent factors describing basic tools of the green economy. The results showed that, in Greece, state environmental governance is often perceived as inadequate, scarce, or constrained by considerations of economic growth. In addition, the research indicates that government policies with regards to environmental law implementation are mainly restricted to the "command and control" regulatory model, which fails to address green innovation and entrepreneurship and promote synergies between the private sector and the State. The analyses demonstrate that if government revenues are heavily reliant on taxes and fines, their capacity to finance structural adjustment programs can be severely affected, and alternative approaches are necessary to achieve the green growth. Read more
Keywords:
green governance, green entrepreneurship, post lignite era, green growth, environmental management, Green Deal

JEL:
Q51, P18
Studies and researches
Vol. 15 Issue 2 - 12/2023
Exploring the Role of Institutional Governance in Climate Action in the Western Balkans Economies

The new United Nations (UN) sustainable development (SD) agenda in 2015 heralded the beginning of a new global effort for the planet's sustainability through the Sustainable Development Goals (SDGs). They provide a framework for all countries, regardless of income levels, to guide national planning for achieving SD. Climate change may impact almost all SDGs and vice versa, though, of the 17 SDGs, the 13th is designated to climate action. The growing concern for environmental degradation has raised the question of how countries will manage to achieve SDGs and whether the answer can be found in their institutions. Reducing emissions necessitates environmental policies influenced by political institutions that shape policy adoption and implementation. This paper aims to analyze the effects of institutions adopting the dimensions of good governance on particular SDG indicators of the 13th SDG by using a Nonparametric Kernel Regression framework and a panel data set of 5 Western Balkans (WB) countries from 2000 to 2020. The target countries share the ambition of EU accession and hold the EU candidate status. WB countries spark our interest because of the severe institutional governance problems, which limit their ability to progress towards SDGs. The paper's empirical analysis uses a specific SDG indicator for the 13 SDG of the Europe Sustainable Development Report, similar to that used by the OECD for the report on Measuring Distance to the SDG Targets. The analysis includes as independent variables the World Governance Indicators (WGI). Contributing to the existing literature on institutions and SD, the novelty of our approach is the use of the WGI with SDG indicators in measuring the impact of quality of governance on the progress towards the 13th SDG referring to climate action.

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Keywords:
institutional governance, sustainable development, Western Balkans economies, climate action, environment

JEL:
O13, O17
Studies and researches
Vol. 15 Issue 2 - 12/2023
Innovation in Top Ten MNCs Activating in Consumer Goods Industry
Business sector is marked by a continuous competition between economic players. The main drivers of evolution are multinational companies, which trigger an ongoing process of innovation through constant adaptation. In business environment the borders between countries do not impose so many restrictions anymore. This is due to the globalization process. Therefore, companies around the globe have started to compete in advancements. Usually, these advancements are technological. While technology is key in the process of evolution, there are also other segments which drive innovation at a company’s level. The current paper addresses the topic of innovation in business environment, with focus on multinational companies in consumer goods industry. The study aims to pinpoint the level of innovation in the first ten consumer goods MNCs (Multinational Companies) of the year 2022. Documentary research is at the base of the methodology. For this research the authors used public information from the official websites of the analysed companies, conducting a descriptive analysis and a comparative analysis. Read more
Keywords:
innovation, product innovation, process innovation, marketing innovation, organizational innovation, consumer goods

JEL:
X10
Studies and researches
Vol. 15 Issue 2 - 12/2023
Leveraging Blockchain Technology for Enhancing Financial Monitoring: Main Challenges and Opportunities
This article examines the current state of financial monitoring as a tool for combating and preventing money laundering and corruption. The use of blockchain technology is becoming increasingly prevalent in the field of financial monitoring for legal compliance. It offers a range of benefits, including improved accuracy, transparency, and security in tracking financial transactions. However, its adoption also poses several challenges, such as data privacy concerns, regulatory compliance, and the need for skilled personnel to operate and maintain these systems. This article explores the opportunities and challenges of leveraging blockchain technology to enhance legal compliance and financial monitoring. It also examines its key features and potential applications in financial monitoring. With the increasing adoption of this technology, the financial monitoring landscape is set to transform in the coming years, paving the way for a more efficient and effective way to combat and prevent money laundering and corruption. Read more
Keywords:
artificial intelligence, blockchain, IT-technologies, financial monitoring, crime, money laundering, cybercrime

JEL:
O31, K20, K23
Studies and researches
Vol. 15 Issue 2 - 12/2023
Corporate Social Responsibility and Corporate Financial Performance in Cultural and Entertainment Industry: Evidence from Chinese Listed Companies
Cultural and entertainment industry has entered a phase of rapid development in China, and with it comes some problems on regulating its derivatives and also raising social concern about Corporate Social Responsibility (CSR) in Chinese cultural and entertainment industry. In addition, CSR has drawn more and more attention in developing countries even though its development lags behind developed countries at current stage. Meanwhile, as many studies stated, poor performance in CSR will have negative effects on Corporate Financial Performance (CFP). Therefore, the purpose of this study is to study on the relationship between CSR and CFP in Chinese cultural and entertainment industry. The study adopts an empirical study to examine the correlation between CSR and CFP. There will be two regression models used to examine the linkage between the overall CSR performance and CFP, and the relationship between specific CSR elements and CFP, respectively. Five CSR elements: shareholder responsibility, employee responsibility, supplier, customer and consumer responsibility, environmental responsibility and social responsibility are used as independent variables, and five financial indicators: ROE, ROA, EPS, the growth rate of main operating, the expansion rate of total assets are adopted as dependent variables to measure companies’ profitability and growth ability. After doing the analysis of the results, the author finds there is a significant positive relationship between CSR and companies’ profitability, however, CSR has no significant effects on companies’ growth ability. Even though the study is limited by the size of sample, it is the first study that examines the relationship between CSR and CFP in Chinese cultural and entertainment industry. It may help increase the understanding of the relationship between CSR and financial performance in Chinese cultural and entertainment industry. Read more
Keywords:
Corporate Social Responsibility (CSR), Corporate Financial Performance (CFP), Chinese cultural and entertainment industry

JEL:
M14, M19
Studies and researches
Vol. 15 Issue 2 - 12/2023
Internal Migration in Romania. Revisiting the Harris-Todaro Model of Migration
This study provides up-to-date empirical evidence of the Harris-Todaro model of migration. Through this model it is stated that people migrate from rural areas to urban zones because expected wages are higher in urban areas and, also, they migrate where the probability of finding a job is higher and there are low levels of unemployment rate. In this regard, we took one country under consideration for testing this hypothesis and this country is Romania. The data used in the study consisted in a balanced panel database for all rural and urban areas from Romania, for the interval of time 2002-2021. By applying period seemingly unrelated regression equation is reached the conclusion that the basic model of Harris-Todaro holds in the case of Romania. People migrate because of push factors (low income and high unemployment rate in the origin) and pull factors (high income and low levels of unemployment rate in the destination). Also, the extension of the Harris-Todaro model is confirmed. Some policy implications based on our results are provided. Read more
Keywords:
rural-urban migration, Harris-Todaro model, period seemingly unrelated regression, Romania

JEL:
O15, C23, J61
Studies and researches
Vol. 15 Issue 2 - 12/2023
Sustainability, ESG Ratings and Corporate Performance in the Manufacturing Sector: A Research Review
The objective of this study is to provide insight into the broad topic of sustainability, as encompassed by ESG ratings and scores, and its influence on the performance of companies at a global scale, with a focus on the manufacturing sector. This study involves a thorough examination of existing literature and a detailed bibliometric analysis, providing valuable insights about the progression of scientific papers related to this subject matter. The bibliometric technique refers to a quantitative examination of publications that is primarily concerned with the utilization of information functions in relation to the advancement of research within a specific field. The present study utilizes the Scopus database and the VOSviewer visualization tool to show the outcomes derived from a comprehensive analysis of pertinent literature and bibliometric evaluation of scholarly publications pertaining to the relationship between sustainability, ESG ratings, and business value. The work shows that although the concept of ESG has been around for decades, businesses and institutions have begun to take issues related to it seriously in the 2010s. Since 2009 there was an exponential increase in the number of papers published  until 2023. Read more
Keywords:
Sustainability, ESG score, corporate performance, manufacturing

JEL:
M14, F63, O16, L60
Studies and researches
Vol. 15 Issue 2 - 12/2023
The Effects of Immigration and Unemployment on European Countries: A Comparative Social and Fiscal Perspective
Many EU countries have disparities in fiscal taxes and social security contributions, which result in uneven ways for the governments to deploy their financial help. With this assistance, the member states will be able to overcome the pandemic's blockade, which has severely affected every nation. As the unemployment rate hit an all-time high, the states had to modify their policies to prevent poverty from spreading. While the legal aspect is getting better every day, not much research has been done from an economic perspective up until this point. Thus, this paper aims to compare the current legal framework with the economic initiatives that have been implemented thus far, while also analyzing the tangential point of immigration, which is a crucial consideration. Experts in every profession ultimately aim for fiscal harmonization, thus the parallels between the legal and economic measures are at core of this paper. The statistical correlation between the immigration rate and the unemployment rate demonstrates how closely related those two variables are to one another and how changing one will affect the other. As previously indicated, certain EU nations are not in a regular relationship because of their high rates of immigration and unemployment. In certain analyses, Romania serves as our starting point since, by examining Romania's relations with a specified group of EU nations, we may determine which of our population has opted to immigrate or make social contributions in. To sum up, this paper offers significant recommendations in the areas of economics and fiscal policy so that we can modify relevant policies to assist the underprivileged and shed light on legislative provisions so that the upcoming recession doesn't impact anyone. Read more
Keywords:
unemployment rate, immigrants, fiscal tax, social contributions

JEL:
O15
EJIS is published under the research grant no. 91-058/2007 The Development of Interdisciplinary Academic Research Aimed at Enhancing the Romanian Universities International Competitiveness, coordinated by The Bucharest University of Economic Studies and financed by CNMP Romania.
The Call for Papers is:

OPEN

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