.jpg)
Volume XX, Winter, Issue 4(90), 2025
-
This paper investigates the dynamics between institutional and technological factors driving ecological structural change in OECD countries from 1990 to 2020 by employing a feasible generalised least squares estimation on panel data. In particular, it explores how the pro-environmental institutional attitude and the green technological gap co-evolve and shape the ecological transition. Grounded in the post‑Keynesian ecological macroeconomics, the analysis emphasises that green technological catching‑up processes depend not only on technological capabilities but also on supportive institutional environments.
Results indicate that environmental policy stringency positively influences technological advancement and green productivity. Indeed, robust institutional frameworks foster the diffusion of green technologies, reduce ecological disparities, and strengthen environmental performance. At the same time, findings suggest a positive impact of green innovations on pro-environmental institutional attitude. However, diminishing returns emerge as pro-environmental institutional attitude intensifies, suggesting the emergency of institutional and social resistance to continuous policy tightening. Overall, the study underscores how coherent ecological policies, institutional learning, and green absorptive capacities are key to narrowing the green technology gap and advancing green institutional change by highlighting the importance of sustained political commitment and international cooperation to ensure that ecological transition contributes to equitable and resilient economic development.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 5th of October, 2025; Received in revised form 29th of October, 2025; Accepted 24th of November, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
Persistent Policy Uncertainty and Green Energy Valuation: A Long-Run ARDL Analysis of the CELS Index
This study examines the dynamic, asymmetric influence of macroeconomic and policy uncertainty on the NASDAQ Clean Edge Green Energy Index (CELS), a key benchmark for US renewable energy stocks. Using monthly data from January 2008 to June 2025 and employing an Autoregressive Distributed Lag (ARDL) model with bounds testing, we confirm a significant and stable long-run cointegrating relationship. Our primary contribution is the clear delineation of effects across time horizons. In the short run, the CELS index is highly responsive to immediate shocks, particularly those originating from the Volatility Index (VIX) and Brent crude oil prices.
However, in the long run, the most dominant and persistent negative influence stems from the US Climate Policy Uncertainty Index. This finding suggests that while investors tolerate short-term macroeconomic volatility, sustained ambiguity regarding federal energy policy significantly depresses the long-term value of clean energy assets. We provide actionable, evidence-based guidance for policymakers, recommending the implementation of durable, cross-cycle mechanisms (such as guaranteed pricing or consistent regulatory standards) to mitigate long-term uncertainty and stabilise capital flows into the clean energy transition. The results also offer clear strategies for asset managers seeking to hedge against specific macroeconomic and policy risks in the green energy sector.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 6th of October, 2025; Revised 31st of October, 2025; Accepted 25th of November, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
The main goal of this paper is the implementation of Integrated Definition for Function Modelling (IDEF) as a method for enhancing measurable economic and strategic performance outcomes among Ukrainian enterprises against the background of the vagueness of the economic milieu and the vagueness of the market. The target function was chosen as strategic efficiency. Strategic efficiency was measured using quantifiable economic indicators: productivity gains (output per employee change), cost reductions (decreased operating and lead time costs), and financial improvements (changes in return on assets and profit margins).
This study was conducted in Ukraine in 2024 using a mixed method approach, which used a combination of quantitative analysis, a targeted survey of 25 enterprise managers with IDEF experience, and secondary data analysis. Multiple linear regression with OLS assumptions and logistic regression are included in the empirical model to examine the relationship between managerial experience, enterprise-size, enterprise digital readiness and strategic efficiency outcomes. The outcomes of the investigation demonstrate that managerial experience and enterprise size have a substantial influence on IDEF, with larger enterprises demonstrating structural complexity and, in turn, demonstrating a higher degree of success when applying IDEF principles. The prominence of technological readiness was also highlighted in digital readiness, where it was demonstrated to be greatly enhanced by the utility of functional modelling. Based on the analysis, recommendations were made for targeted support for digital infrastructure development, incentives for training managers for IDEF, and industry consulting services to facilitate firms’ use of IDEF. The proposals aim to promote strategic flexibility and resilience of Ukrainian enterprises to achieve sustainable economic growth and competitiveness.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 25th of September, 2025; Revised 19th of October, 2025; Accepted 29th of November, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
This study analyses the global patterns of intellectual capital protection, showing how cybersecurity functions as a key mechanism for preserving knowledge assets that support economic development and national security. Using a dataset of 3,772 publications indexed in the Web of Science (2000–2025), a comprehensive bibliometric analysis uncovers the global dynamics driving scientific productivity in this emerging field. The results reveal significant differences in national performance, assessed by publication output, citation impact, and collaboration intensity. The United States and China lead in both volume and influence, acting as key global hubs of international activity. Research networks that enhance global visibility through partnerships. At the author level, the findings indicate that scholarly impact relies less on quantity and more on visibility, collaboration, and citation resonance, highlighting a shift from productivity-driven to influence-oriented research recognition. Overall, the study shows that IC–cybersecurity scholarship is shaped by a highly concentrated global structure, where a few leading nations and influential authors set the intellectual agenda through sustained collaboration and cross-disciplinary engagement.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 15th of October, 2025; Revised 6th of November, 2025; Accepted 21th of November, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
In recent years, protectionism has become a hallmark of the global economy and international trade. This study quantifies the measurable impact of tariff and non-tariff barriers on bilateral trade flows among 30 major economies from 2015 to 2024. Employing a panel data gravity model, the paper specifies the logarithm of bilateral trade flows as the dependent variable, with average tariff rates and a non-tariff measures (NTM) index as key explanatory variables, while controlling for GDP, exchange rate volatility, distance, and trade agreements. Estimations are performed using fixed-effects and instrumental-variable approaches to address potential endogeneity and unobserved heterogeneity.
The empirical results reveal that a one-percentage-point increase in tariffs reduces bilateral trade flows by 0.12%, while a 0.1-point rise in the NTM index lowers trade by 3.5%, confirming the diversionary effects of modern protectionism. The findings demonstrate that regulatory protectionism exerts stronger trade-restrictive effects than traditional tariffs, particularly in technology-intensive sectors. Policymakers are urged to design adaptive trade strategies that preserve national competitiveness while maintaining open global trade channels to ensure sustainable growth.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 25th of October, 2025; Received in revised form 19th of November, 2025; Accepted 12th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
In the era of digital transformation, technological adoption has become a key determinant of economic performance. This study quantifies the causal impact of human resources (HR) digitization on firm-level labour productivity in Ukraine over the period 2010–2024. A novel Digital HRM Index was constructed to measure the intensity of digital adoption across HR processes, including e-recruitment, HRIS, digital performance management, and e-learning.
Employing a fixed-effects panel regression model, the study finds that a one-unit increase in the Digital HRM Index raises labour productivity by approximately 3.1% (p < 0.01), controlling for firm innovation capacity, size, capital intensity, and training expenditure. The results are robust and highlight the significant role of HR digitization in enhancing firm efficiency. Policy implications point toward the necessity of supporting digital transformation strategies in personnel management, particularly in transition economies such as Ukraine.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 20th of October, 2025; Received in revised form 15th of November, 2025; Accepted 12th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
This systematic review examines the role of project management in restoring the economies of Ukrainian territorial communities, particularly in the post-2022 context marked by conflict, infrastructural damage, and socio-economic disruption. Utilizing the PRISMA methodology, 52 peer-reviewed studies (2018–2024) were analysed to identify strategies, success factors, and challenges in applying project-oriented approaches to local governance. Key findings reveal that digitization, stakeholder collaboration, and adaptive frameworks significantly enhance recovery outcomes by improving transparency, resource allocation, and community engagement. For instance, digital tools reduced project delays by 20% in Mykolaiv, while cluster models in Lviv fostered economic diversification. However, bureaucratic inefficiencies (affecting 70% of projects), resource scarcity (85%), and skill gaps (60%) persist as critical barriers. The review raises the question of the fit between global funding architectures and local contexts, suggesting that the purpose of implementing hybridized structures is to address this discrepancy. The recommendations include dispersion of management authority, establishing capacity development programs, and using flexible, conflict-neutral approaches to project structuring. Therefore, policymakers, local governments, and international organizations must adopt participatory frameworks that combine technical expertise with socio-political flexibility.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 15th of October, 2025; Revised form 19th of November, 2025; Accepted 4th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December 2025.
-
This study examines the financial performance of ESG and non-ESG portfolios between 2020 and 2024 using monthly data from ten major US exchange-traded funds (ETFs). Leveraging the Capital Asset Pricing Model (CAPM) and Modern Portfolio Theory (MPT), we assess annualized returns, volatility, Sharpe ratios, and maximum drawdowns. The results show that ESG portfolios perform comparably to traditional portfolios in terms of both returns and risk-adjusted efficiency. While the non-ESG portfolio posted slightly higher returns, the difference was statistically insignificant. CAPM estimates revealed betas near unity and no evidence of abnormal returns (alpha), supporting the neutrality hypothesis.
These findings suggest that investors can pursue ESG strategies without compromising financial outcomes. From a policy perspective, the results underscore the need for robust ESG disclosure frameworks to support market transparency and efficiency.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 25th of October, 2025; Received in revised form 19th of November, 2025; Accepted 14th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
While the Environmental Kuznets Curve (EKC) hypothesis has been widely tested across different regions (OECD, South Asia, Africa, East Asia, etc.), much of the literature focuses either on developing countries or global panel datasets. Studies on advanced economies, particularly the EU, often assume that decoupling between growth and emissions occurs naturally once income reaches a threshold. However, recent findings are mixed, with some evidence pointing toward N-shaped or alternative curves.
Hence, this study examines the validity of the Environmental Kuznets Curve (EKC) hypothesis in the 27 member states of the European Union between 1995 and 2022. Using panel econometric methods, we analyse the relationship between GDP per capita and CO₂ emissions. The results provide no evidence of the inverted U-shaped relationship predicted by the EKC. Instead, economic growth driven by the increasing importance of the services sector appears to coincide with declining emissions. These findings suggest that the EKC framework does not adequately explain environmental dynamics in the EU and that structural transformation, rather than income level alone, is key to reducing emissions.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 19th of October, 2025; Revised 6th of November, 2025; Accepted 2nd of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
Research on the influence of customer relationship management (CRM) on patient satisfaction and loyalty is essential because CRM plays a pivotal role in building long-term relationships between patients and healthcare providers. Besides, the moderating role of electronic word-of-mouth (e-WOM) is relevant, as patients' digitally shared opinions and experiences can either enhance or diminish the impact of CRM on patient satisfaction and loyalty. This study aims to identify the influence of CRM on patient satisfaction and loyalty, as well as the moderating effect of e-WOM in this context. The methodology employs a qualitative approach, utilising a survey of 213 hospital patients, with responses measured on a 1 to 5 Likert scale. The study was also designed to examine the economic contribution of the CRM strategy to hospital profits through linear trend analysis.
Quantitatively, the financial performance was measured using return on investment (ROI) and operating margin. Two different periods were compared: 2011–2017 (before CRM implementation) and 2018–2024 (after CRM implementation). The results of hypothesis testing indicate that CRM has a significant positive impact on patient satisfaction, which, in turn, positively influences patient loyalty through patient satisfaction. Nonetheless, patient satisfaction does not have a significant direct effect on patient loyalty. Other empirical findings confirm that patient satisfaction can indirectly foster patient loyalty through the positive impact of CRM. The other result found that e-WOM plays a significant moderating role by strengthening the causality between CRM and patient loyalty, enhancing the positive effect of CRM on loyalty. There is a concrete distinction between the CRM strategy implemented by hospital management and the operational margin. First, without CRM, it is known that ROI increases the hospital's operational margin by 89.93%. Second, the hospital's operational margin improves further when ROI utilizes CRM, with an increase of 94.45%.
These findings imply that hospitals should prioritize improving the quality of CRM in terms of medical services, communication, and information technology. Furthermore, adopting e-WOM as a tool for building reputation and patient loyalty is crucial. This research offers valuable insights for hospital managers to design more effective strategies for creating patient satisfaction and loyalty through enhanced relationship management and leveraging social media.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 20th of October, 2025; Received in revised form 22nd of November, 2025; Accepted 15th of December, 2025; Available online: 30th of September, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
Artificial intelligence risks are multidimensional in nature, as the same risk scenarios may have legal, operational, and financial risk dimensions. With the emergence of new AI regulations, the state of the art of artificial intelligence risk management seems to be highly immature due to upcoming AI regulations. Despite the appearance of several methodologies and generic criteria, it is rare to find guidelines with real implementation value, considering that the most important issue is customizing artificial intelligence risk metrics and risk models for specific AI risk scenarios. Furthermore, the financial departments, legal departments, and government risk compliance teams seem to remain unaware of many technical aspects of AI systems, in which data scientists, machine learning engineers, and AI engineers emerge as the most appropriate implementers. It is crucial to decompose the problem of artificial intelligence risk in several dimensions: data protection, fairness, accuracy, robustness, and information security. Consequently, the main task is developing adequate metrics and risk models that manage to reduce uncertainty for decision-making in order to take informed decisions concerning the risk management of AI systems. The purpose of this paper is to orient AI stakeholders about the depths of AI risk management. Although it is not extremely technical, it requires a basic knowledge of risk management, quantifying uncertainty, the FAIR model, machine learning, large language models and AI context engineering.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 25th of October, 2025; Received in revised form 29th of November, 2025; Accepted 18th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
This article systematically synthesizes empirical evidence on the influence of the numerical economy on the economic, social, and conservational dimensions of supportable progress in Ukraine’s regions. The paper aimed to integrate existing findings, identify key determinants of digital transformation effectiveness, and formulate practical policy recommendations at the regional level. The investigation was effectuated by using the PRISMA protocol systematic review, with searches performed in Scopus, Web of Science, SpringerLink, ScienceDirect, Google Scholar, and selected Ukrainian publications from 2019 to 2025. Clear inclusion and exclusion criteria, thematic mapping, and qualitative synthesis were applied, resulting in a final dataset of 25 studies.
The findings indicate that the digital economy generally enhances productivity, entrepreneurial activity, energy efficiency, and the adoption of green innovations, while also expanding social inclusion through digital public services and education. At the same time, persistent disparities remain in access and competencies, with institutional gaps in decentralisation, uneven innovation capacities, and asymmetries in restoring critical infrastructure. The most significant determinants of impact include the quality of digital infrastructure and connectivity, population and SME digital literacy, agglomeration and sectoral renewal effects, efficiency of e-services, and the consistency of regulatory and budgetary support. The study proposes a policy package prioritizing broadband and smart networks in rural and war-affected communities, targeted skills programs, incentives for green technologies and R&D, strengthened digital public services, integration of social inclusion and mental health in digital strategies, and alignment of foreign investment with environmental standards.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 30th of October, 2025; Received in revised form 29th of November, 2025; Accepted 24th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
This study examines the efficiency and development of National Intellectual Capital (NIC) among European Union (EU) member states from 2000 to 2022. Utilising a Data Envelopment Analysis (DEA) approach, the research assesses the effectiveness with which countries convert Human Capital (HC), Structural Capital (SC), and Relational Capital (RC) into innovative and economic outcomes, such as GDP per capita and the Global Innovation Index. The findings indicate both temporal convergence and regional disparities in NIC efficiency. Over the period, most EU countries have enhanced their capacity to utilise intellectual capital, resulting in increased homogeneity and resilience within the union. Regional differences persist: Northern and Western Europe, particularly Scandinavia, the Benelux, and parts of Western Europe, exhibit high DEA scores, indicating advanced innovation and robust institutions. Southern and Eastern Europe have lower efficiency due to issues related to education, research and development, and institutional factors. The study highlights Structural Capital's role in sustaining innovation efficiency, identifies Human Capital as the most adaptable and policy-sensitive component, and confirms that EU policies have gradually aligned national intellectual capital performance across member states.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 5th of November, 2025; Revised 9th of December, 2025; Accepted 22th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
This study examines the influence of Environmental, Social, and Governance (ESG) reporting on the financial performance of firms in the Indian automobile sector. ESG ratings reflect the extent to which enterprises engage in responsible governance, social welfare, and environmental conservation. The analysis explores the impact of both aggregate and pillar-specific ESG scores on financial indicators such as Return on Equity (ROE), Return on Assets (ROA), and Earnings Per Share (EPS), while addressing endogeneity concerns through the application of panel least squares (PLS) regression with firm-level fixed effects and lagged ESG variables as instruments to mitigate reverse causality. This approach enhances the robustness of causal interpretation between ESG disclosure and financial outcomes. The study covers all automobile companies listed on the Bombay Stock Exchange (BSE) and those included in the BSE 500 index from 2015 to 2023. The findings reveal that ESG initiatives in the Indian automobile sector may not yield immediate or measurable financial gains through conventional metrics like ROA, ROE, and EPS. However, ESG adoption significantly contributes to long-term wealth creation, brand loyalty, and corporate goodwill.
The results emphasise that sustainable business practices enhance organisational resilience and stakeholder confidence. Furthermore, the study aligns with SDG 8, SDG 9, and SDG 12, underscoring the important role of ESG integration in advancing sustainability and long-term financial stability.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 15th of November, 2025; Revised 12th of December, 2025; Accepted 23rd of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
This paper evaluates the β-convergence of labour productivity across the political regimes. The analysis provides insight into the extent and pattern of labour productivity convergence differentiated by political system, controlling for economic and political stability variables. Data were collected from 129 countries, which were grouped by four political regime types and using fixed effects and Generalized Method of Moments (GMM) estimations on dynamic panel data, we examine the unconditional and conditional convergence of three separate periods. The control variables include gross fixed capital formation, life expectancy, foreign direct investment, trade openness, and political stability. The results show a significant relationship between labour productivity growth rates and the initial levels of productivity across all regime types, with full democracies exhibiting the most rapid β-convergence relative to the other system types. The analysis reveals that the impact of political stability on convergence rates is profound; specifically, more politically stable regimes tend to converge at higher rates of labour productivity. This explains considerable variance in labour productivity convergence paths across political contexts. The paper provides new evidence on the relevance of the political regimes for β-convergence of labour productivity, while employing political regime typologies rather than traditional geographic or sector classifications.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 29th of October, 2025; Revised 22nd of November, 2025; Accepted 22nd of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
Digital banking has transformed financial services, but customer satisfaction remains influenced by numerous factors such as perceived risks and expectations. While prior research emphasizes trust, usability, and perceived value, limited empirical studies have explored how risk perception and customer expectations jointly shape satisfaction. The present research aims to study the relationship between risk perception, customers’ expectation, and satisfaction in digital banking, and to assess whether customer expectations mediate the effect of risk perception on satisfaction. A descriptive research design was employed, targeting active digital banking users in the Vijayawada–Guntur region. Stratified random sampling selected 285 respondents. Data were collected via a structured online questionnaire using a five-point Likert scale.
Descriptive and inferential analysis, like ANOVA and regression were performed using Microsoft Excel and SPSS. Risk perception significantly impacts satisfaction, primarily through trust- and security-related concerns. Customer expectations favourably impact satisfaction and moderate the relationship between risk perception and satisfaction. Features focusing on convenience like time savings, ease of usability, and flexibility are more satisfaction drivers compared with cost but weak drivers of satisfaction are technical faults and regulatory issues. The study demonstrates that trust, security, and expectation management are key to enhancing customer satisfaction in digital banking. Banks should emphasis on minimising risks, aligning services with customer expectations, and investing in innovation, security, and customer education to foster sustainable adoption and loyalty.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 19th of November, 2025; Revised 15th of December, 2025; Accepted 27th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
The development of the inclusive education system in the Republic of Kazakhstan is a key component of national socio-economic policy, aimed at building high-quality human capital and reducing long-term social costs. The study addresses the growing number of children with special educational needs (SEN) and the need to improve the efficiency of public spending directed at reducing educational inequality. Inclusive education is viewed as a strategic investment capable of increasing employment, lowering social dependency, and contributing to sustainable economic growth.
The research assesses the economic efficiency of state support for inclusive education by examining the relationship between investments in infrastructure, personnel training, adaptive environments, and key demographic and social indicators. The methodological framework combines analysis of regulatory documents and strategic programs with statistical, correlation, and regression analyses.
Findings confirm the importance of public investment in infrastructure modernization and workforce development. A high concentration of children with musculoskeletal disorders, somatic illnesses, and intellectual disabilities was identified, requiring expanded resource centers and adaptive educational processes. Economically, investments in inclusive education reduce long-term social costs, mitigate social isolation, and improve labour market integration for children with SEN.
To enhance policy effectiveness, Kazakhstan should strengthen public administration, improve the legal framework, expand professional training, and foster interdepartmental cooperation among schools, health, and social services. Implementing early identification and support systems will further reduce social costs and promote sustainable, inclusive human capital development.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 25th of November, 2025; Revised 19th of December, 2025; Accepted 27th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), Winter, December, 2025.
-
In the context of the global transformation toward a knowledge-based economy, the effective mobilization and assessment of scientific potential has become a decisive factor in strengthening national competitiveness. This study highlights the growing importance of evidence-based public science policy that incorporates international benchmarks while accounting for national socio-economic characteristics.
The purpose of the research is to provide a comprehensive analysis of scientific potential and its role in enhancing economic competitiveness, using Kazakhstan as a case study. The research examines the structure and dynamics of research and development (R&D) funding, the spatial distribution of resources, the roles of the public and private sectors in building scientific infrastructure, and lessons from global models of science policy and governance. Although the study is grounded in the Kazakhstan context, its analytical framework and conclusions are designed to be relevant and transferable to other emerging and transition economies facing similar institutional and developmental challenges. Methodologically, the study applies systemic and institutional approaches alongside economic and statistical tools, including trend, correlation, cluster, and comparative analyses. Based on data from 2020–2024, the research identifies core barriers such as underdeveloped private sector investment, fragmented science-business integration, and regional disparities in research activity. It confirms a positive correlation between regional R&D expenditure and competitiveness metrics. The findings suggest that aligning national scientific development with international best practices, through targeted investments, policy reform, and cross-sector collaboration, can significantly improve innovation ecosystems and economic resilience in comparable global contexts.
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 15th of November, 2025; Revised 9th of December, 2025; Accepted 22nd of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.
-
Interest rates are the most crucial factor in the global financial and capital markets, and they greatly impact the entire economy, including the product and service markets. Various economic indicators are affected by changes in the interest rate, and the direction of capital flow changes according to the low or the high interest rate. The interest rate has been continuously increased or frozen to stabilise inflation and recover the liquidity spread caused by the COVID-19 pandemic. Accordingly, this study aims to analyse the impact of interest rate changes on the economy. Among the economic indicators, we focused on the base interest rate, the home sale price, the household debt, and the bond transaction performance.
This study used the analysis of covariance (ANCOVA). The research utilized this tool to see the effect of the treatment level on the value of the dependent variable, where the exogenous variable must be controlled by the experimental design. We analysed the economic trend for the low interest rate and the high interest rate for South Korea’s low interest rate low interest rate period (2013–2021) and the high interest rate period (2003-2012, 2022).
Copyright© 2025 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s history: Received 17th of October, 2025; Received in revised form 16th of November, 2025; Accepted 15th of December, 2025; Available online: 30th of December, 2025. Published as article in the Volume XX, Winter, Issue 4(90), December, 2025.