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Volume XXI, Fall, Issue 4(94), 2026
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This paper examines return and volatility connectedness across eight global markets (Brent crude oil, gold, Bitcoin, the S&P 500, MSCI World, MSCI Emerging Markets, the US dollar index, and the US 10-year Treasury yield), using daily data from January 2016 to March 2026. A VAR-based connectedness framework is complemented by rolling-window estimation, frequency-domain decomposition, and a time-varying parameter VAR to capture the dynamics of cross-market spillovers. The equity subsystem is also analysed to identify intra-group transmission patterns.
Average return connectedness reaches 38.22% in the static model and approximately 44% in rolling estimations, peaking near 60% during periods of market stress. Equity markets, particularly MSCI World and the S&P 500, act as the main shock transmitters, while Bitcoin, crude oil, the US dollar index, and Treasury yields primarily absorb shocks. Frequency decomposition indicates that short-term spillovers (21.3%) exceed long-term spillovers (17.0%), highlighting the importance of investor sentiment and rapid repricing. Volatility connectedness is higher, at 44.33% in the static estimation, rising to a rolling-window average of 40.28% (range: 27.43%–87.47%). Frequency decomposition shows the opposite pattern to returns: volatility spillovers are predominantly long-term (35.77% versus 8.67% short-term). Bitcoin is predominantly a net receiver in both return and volatility spillovers. Within the equity subsystem, connectedness rises to 58.86%, suggesting limited diversification benefits during turbulent periods. Overall, the findings identify equity markets as the central channel of global financial spillovers and underline the diverging, horizon-specific nature of cross-market risk transmission across the return and volatility channels.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 25th of July, 2026; Available online: 27th of July, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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The active spread of digital financial technologies is changing financial decision-making mechanisms and creating new behavioural risks. At the same time, the issue of combining financial efficiency, responsibility and digital maturity remains insufficiently empirically substantiated. This article aims to assess the impact of fintech innovations on balanced financial behaviour and responsibility at different levels of digitalisation. The research methodology is based on a fixed-effects panel econometric analysis for the period 2020–2024.
The sample covers a group of countries with developed and transitional financial markets. An integral BFRI index has been formed, combining indicators of financial behaviour and responsibility. The key explanatory variables are the indices of fintech innovation and digitalisation, as well as their interaction effect. To ensure the robustness of the estimates, macroeconomic control variables and robust standard errors were employed. The empirical findings indicate a consistent positive impact of fintech innovations on the BFRI level. During the study period, the BFRI index increased from 0.52 to 0.67, reflecting a strengthening of responsible financial behaviour. The fintech innovation coefficient is statistically significant, with the estimated marginal effect ranging from 0.016 at DIGI = -1 to 0.040 at DIGI = +1. The interaction effect confirms that digitalisation significantly amplifies the behavioural impact of fintech. The highest effects were recorded in digitally mature financial systems. The overall conclusions confirm the system-forming role of fintech innovations in transforming financial behaviour. Digital infrastructure is a key catalyst for responsible financial practices. The results are of practical importance for regulatory policy and digital transformation strategies for the financial market.
Copyright© 2026 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 27th of July, 2026; Revised form 4th of September, 2026; Accepted 17th of September, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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It is an empirical study that investigates the impact of dividend policy on the performance of stocks in the Saudi Stock Exchange (Tadawul) in the emerging financial market environment. The study focuses on the energy sector firm Saudi Aramco, food sector firm Almarai Company, and industrial sector firm Zamil Industrial from 2020 to 2024. The research assesses the impact of dividend payout ratio, dividend yield and dividend per share (DpS) on the indicators of the work of the stock market, namely the return of stocks and the closing price of stocks. The method used for this quantitative research is a secondary data collection method and the sources of financial data are annual reports and official financial data. SPSS software was used for several statistics, such as descriptive statistics, Pearson correlation analysis, one-way ANOVA and regression analysis to study the relationship between the dividend policy indicators and the stock market performance of the sectors.
Empirical results show that there are significant differences for firms from various sectors in their dividend policy and the valuation of the market. The findings also reveal statistically significant negative correlation between dividend yields, dividend per share (DpS)s and stock market performance variables which indicate that higher dividend payout could be correlated with lower market valuations and lower growth expectations. Further, regression analysis indicates that the dividend yield has the highest impact on the performance of the stock market in the sampled companies.
This study is one of the many that has been written in the literature on dividend policy in emerging financial markets, with this study also giving comparative sectoral evidence from the Saudi financial market during the post-pandemic era and the Saudi Vision 2030 reform. The results have some significance in practical application for the corporate financial managers, investors, and policy makers interested in improving investment decision making, dividend policies, and market efficiency in Tadawul.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 25th of August, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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This study forecasts Iraq’s monthly broad money supply (M2) from February 2026 to December 2030 using 265 observations covering January 2004–January 2026. M2 is modelled as an observed monetary aggregate rather than a structural money-demand function. Unit-root. stationarity diagnostics indicate non-stationarity in levels. support one ordinary difference: the Phillips–Perron Z(α) test strongly rejects the unit-root null after differencing (−226.863. p < 0.01). while KPSS does not reject stationarity (0.153. p > 0.10); ADF evidence is specification-sensitive. Monthly effects remain relevant, although OCSB indicates that seasonal differencing is unnecessary (D = 0). A transparent ARIMA/SARIMA candidate set is evaluated using AIC/BIC, residual diagnostics, a 37-month holdout, expanding-window one-step forecasts, and simple benchmarks. SARIMA(0,1,1)(0,0,1)₁₂ without drift is retained because it combines significant MA parameters, acceptable Ljung–Box diagnostics. the lowest fixed-holdout RMSE among diagnostically adequate parsimonious candidates (4,279.3 billion dinars) and the best expanding-window RMSE (2,043.4 billion dinars). slightly better than the random-walk benchmark (2,121.5).
The central forecast remains near 169.3 trillion dinars. while uncertainty widens substantially; the December 2030 95% interval is approximately 134.5–204.2 trillion dinars. BDS rejects i.i.d. residuals, so the forecast is interpreted as a conditional linear baseline for liquidity monitoring, requiring uncertainty-aware apply and frequent re-estimation.
Copyright© 2026 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 9th of June, 2026; Revised 29th of July, 2026; Accepted 31st of August, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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The reconfiguration of Eurasian trade geography since 2022 has elevated the Middle Corridor from logistical infrastructure to an instrument of geopolitical positioning, with Azerbaijan occupying its central Caucasus node. This study assesses Azerbaijan's emerging transit centrality, hydrocarbon export dependence, and transit-infrastructure trajectory. Using secondary institutional and academic data (96 observations, 2019–2026), it applies a tiered evidence-credibility approach and a retain-and-flag protocol to examine transit growth, trade diversification, and infrastructure utilisation. Findings indicate sustained growth in corridor-freight volumes and Baku–Tbilisi–Kars railway capacity, including a fivefold post-modernisation capacity expansion and a roughly 2.5-fold increase in Persian Gulf/India-linked corridor volume.
However, the Q1 2026 East–West Corridor total did not reconcile with its reported sub-components. A cross-source comparability check also identified a substantial difference between the FY2024 hydrocarbon export-share estimate (≈87%) and an indicative share derived from Tier-1 data for January–April 2026 (≈58.1%); given the different reference periods, this is treated as temporal and definitional non-comparability rather than a directly reconciled discrepancy. For the Port of Baku/Alat, 2022 throughput relative to the subsequently reported nominal capacity yields a benchmark ratio of approximately 42%. Overall, the evidence supports Azerbaijan's expanding transit role and gradual trade diversification, while reporting inconsistencies constrain precise quantification. The study contributes an auditable, tier-differentiated evidentiary framework for assessing regional-connectivity claims without extending conclusions beyond verifiable evidence.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 25th of July, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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European Structural and Investment Funds (ESIF) are the primary financial instrument of EU cohesion policy. Despite their central role in supporting innovation activity and economic growth, the literature remains fragmented across four distinct research traditions, namely evaluative-econometric, macroeconomic, regional-innovation and institutional-political. This paper employs bibliometric analysis to examine the intellectual foundations, thematic structure and developmental dynamics of the ESIF, innovation and economic growth research field. Bibliometric analysis of 305 documents (Web of Science, 1991 to 2026) was conducted using Bibliometrix and Biblioshiny, integrating performance analysis with science mapping. We identify four intellectual traditions that, despite sharing a common object of inquiry, operate in largely separate citation networks.
This intellectual fragmentation may contribute to the persistence of heterogeneous and hard to compare findings regarding ESIF effectiveness. The absence of a dominant motor theme suggests that the field is methodologically mature yet thematically unconsolidated, underscoring the urgent need for deeper synthesis of accumulated knowledge. We further find a geographical asymmetry in the analysed dataset, with research on ESIF concentrated on countries where the funds carry comparatively limited direct economic consequences, while Central and Eastern European countries, where ESIF have the most immediate impact, have a relatively limited presence. The analysis further identifies a phased developmental trajectory that coincides with EU cohesion policy programming cycles (annual growth rate of 4.04%), suggesting that research production may be partly responsive to EU cohesion-policy programming cycles rather than driven solely by endogenous scientific inquiry.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 30th of July, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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This study examines changes in the multidimensional profile of digital transformation across 22 European Union member states that are also OECD members, comparing two benchmark years 2017 and 2023. The proposed framework extends beyond digital access to include ICT human capital, innovation capacity, cybersecurity preparedness, and digital economic outcomes. Using data from Eurostat, the OECD, and the World Bank, the study applies k-means clustering, Partitioning Around Medoids (PAM), Principal Component Analysis, hierarchical clustering, and the Adjusted Rand Index to classify countries and assess changes over time.
Two clusters, catching-up and advanced, were identified in both years, although their composition changed. The catching-up cluster increased from 12 to 14 economies in 2023, with Estonia moving to the advanced cluster and Austria, Belgium, and France moving in the opposite direction. These transitions reflect relative repositioning rather than digital deterioration, as the advanced profile became increasingly associated with ICT skills, secure digital infrastructure, digital-service exports, and economic capacity. While connectivity gaps narrowed, disparities in skills, innovation, cybersecurity, and competitiveness persisted, suggesting partial convergence in digital access but continued divergence in digital capabilities.
Copyright© 2026 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 June, 2026; Revised 30th of July, 2026; Accepted 19th of August, 2026; Available online: 30th of September, 2026. Published as article in the Volume XXI, Fall, Issue 4(94), 2026.
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This study examines the associations between Artificial Intelligence (AI) adoption and organisational outcomes among businesses in Kosovo, focusing on customer communication, process facilitation, organizational satisfaction, and perceived business performance. A quantitative cross-sectional design was employed using survey data from 250 respondents representing 250 distinct businesses. Data were analysed using descriptive statistics, reliability analysis, Pearson correlation, linear regression, an independent-samples t-test, and a chi-square test.
The findings indicate significant positive associations between AI adoption and the examined organisational outcomes. AI adoption was positively associated with organizational satisfaction and perceived business performance, while regression analysis showed that it significantly predicted perceived business performance, explaining 37% of its variance (R² = 0.37). Corporations reported higher AI adoption than family-owned businesses, and perceived COVID-19 impact was significantly associated with AI adoption. Overall, the findings suggest that AI adoption is associated with improved organisational processes and higher perceived business performance in the Kosovo business context. Given the cross-sectional design and self-reported measures, the results should not be interpreted causally. The study provides firm-level evidence from an underexplored emerging economy and offers implications for managers and policymakers supporting responsible AI adoption and digital transformation.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 25th of July, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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This study examines Lean Management–Industry 4.0 integration in the Moroccan automotive sector using partial least squares structural equation modelling (PLS-SEM) and survey data from 263 managers and professionals involved in Lean and/or Industry 4.0 implementation. The results show that Lean–Industry 4.0 integration is not directly associated with significantly higher continuous process improvement and production flexibility. Organisational and cultural challenges are negatively associated with these outcomes, whereas training and change-management capabilities are positively associated with them. Continuous process improvement and production flexibility are, in turn, positively associated with competitive advantage. Complementary structural relationships further show that technological integration, implementation complexity, training, and organisational challenges coexist within the broader transformation process. These findings support a socio-technical interpretation in which organisational and human capabilities accompany technological integration and are associated with continuous-improvement outcomes.
From an applied economic perspective, the findings suggest that capability development and continuous improvement may contribute to more efficient use of labour and installed capital and, when diffused across firms and suppliers, may support productivity upgrading, regional value creation, and the attractiveness of Moroccan automotive industrial zones to foreign direct investment. These broader economic effects are interpreted as implications of the firm-level results rather than as directly estimated macroeconomic effects. Policy implications therefore emphasize combining Industry 4.0 investment incentives with workforce training, organisational-readiness measures, supplier development, and measurable productivity targets.
Copyright© 2026 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 9th of July, 2026; Revised 24th of August, 2026; Accepted 12th of September; Available online: 30th of September, 2026. Published as an article in Volume XXI, Fall, Issue 4(94), 2026.
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Export performance represents a critical dimension of competitiveness and long-term growth for small and medium-sized enterprises (SMEs), particularly in emerging and transition economies where access to international markets remains a key driver of business development. Grounded in the Resource-Based View (RBV), this study examines the influence of firm-specific capabilities on export performance within the context of Albania, a transition economy characterized by institutional constraints and resource limitations. The empirical analysis is based on survey data collected from 200 exporting SMEs operating in the Fier and Vlora districts, two of the country’s most export-oriented regions.
To ensure methodological robustness, a two-stage analytical framework was employed, combining Confirmatory Factor Analysis (CFA) and Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings indicate that innovation capabilities and marketing capabilities exert a positive and statistically significant influence on export performance, whereas managerial resources do not demonstrate a significant direct effect. The model exhibits substantial explanatory power, underscoring the strategic importance of capability development for enhancing international competitiveness.
The study contributes to the export performance literature by providing evidence from an unexplored transition economy and by extending the applicability of RBV in resource-constrained environments. The findings further suggest that the effective deployment of organizational capabilities, rather than the mere possession of resources, constitutes a fundamental determinant of export success. Practical implications are offered for SME managers and policymakers seeking to strengthen export competitiveness and support sustainable internationalization.
Copyright© 2026 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 July, 2026; Revised 24th of August, 2026; Accepted 10th of September, 2026; Available online: 30th of September, 2026. Published as article in the Volume XXI, Fall, Issue 4(94), 2026.
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The effectiveness of labour market infrastructure, reflected in the structural characteristics of the labour market, such as employment and unemployment rates, is associated with economic growth, making the studied issue relevant. The aim of the study was to assess the impact of the characteristics of the labour market structure on the economic growth of countries in the European Union (EU), the European Economic Area (EEA), and regions of Ukraine.
The study employed correlation, regression, and comparative analysis. The analysis conducted at the interstate level gave grounds to conclude about the unification of the trend towards reducing working hours in favour of improving quality, which leads to economic growth. At the same time, in the context of disparate state policies, it can be stated that other traditional characteristics of the labour market structure do not significantly affect economic growth. This can be explained by the effect of structural saturation, which, despite the institutional differences of individual countries, is characteristic of the EU/EEA states. In Ukraine, under a unified labour policy, the impact of most characteristics of the labour market structure also remains insignificant. The only statistically significant variable was the share of self-employed persons, which characterises self-employment as an adaptation mechanism in a transition economy. The higher explanatory power of the model for Ukraine also reveals the advantages of implementing an integrated policy to improve labour market efficiency. The prospect of further research is an in-depth study of the relationship between labour market infrastructure and economic growth in transition economies, including cross-regional analysis.
Copyright© 2026 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 July, 2026; Revised 21st of August, 2026; Accepted 7th of September, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Issue 4(94), 2026.
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This study examines anti-crisis strategies adopted by Ukrainian enterprises during the full-scale war (2022–2026). Using a mixed-source secondary-data design, it integrates surveys from the Institute for Economic Research and Policy Consulting (500+ enterprises) and the American Chamber of Commerce in Ukraine (N=137) with corporate reports, case studies, and policy documents. Chi-square tests, logistic regression, and panel trend analysis assess associations between adaptation strategies and business continuity. Despite 47% of enterprises reporting asset damage, 90% remain fully operational. Four core strategies emerge: diversification (43% of exporters diversified markets; 35% of frontline enterprises relocated), digitalisation (67% adopted new technologies; 72% remote work), supply-chain restructuring (56% modified suppliers; 62% alternative logistics; 82% energy resilience), and HR innovations (84% flexible work; 78% financial assistance; 64% veteran employment). Strategies vary by enterprise size and location. The findings advance understanding of organisational resilience under armed conflict and provide practical insights for Ukraine’s reconstruction.
Copyright© 2026 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 26th of May, 2026; Revised 12th of July, 2026; Accepted 5th of August, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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The active spread of digital transformation forces small and medium-sized enterprises (SMEs) in Ukraine to look for innovative approaches to improving process efficiency. The aim of the study is to assess the relationship between the level of design thinking implementation, digitalization, innovative activity, and operational efficiency of enterprises.
The methodological framework is a panel-type econometric model with fixed effects based on secondary statistics for 2022–2024. The sample was formed from 252 Ukrainian enterprises representing five sectors of the economy: industry, trade, transport, information and communication technologies (ICTs), and professional services. The business Process Optimization Index (POI) was used as the dependent variable and the Design Thinking Index as the main influencing factor. The obtained results indicate a positive and statistically significant relationship between the implementation of design thinking and the business process efficiency (β=0.215, p<0.01The highest indicators were recorded in the ICTs (BPO=125.4) and trade (BPO=114.8) sectors, where design thinking is combined with a high level of digital maturity.The conclusions confirm that the implementation of design thinking is an effective tool for increasing the productivity and competitiveness of small and medium-sized enterprises. The findings also indicate that design thinking contributes to the reduction of transaction costs, optimization of customer acquisition processes, and improvement of customer lifetime value through stronger customer orientation and more efficient business process design. The practical significance is the possibility of applying the obtained results to form state policies to support the innovative development of SMEs. The novelty of the study is the quantitative confirmation of the impact of design thinking on the efficiency of business processes using a composite index and panel econometric analysis.
Copyright© 2026 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 4th of June, 2026; Revised 29th of July, 2026; Accepted 25th of August, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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The aim of this study is to analyse international regulatory approaches to combating illegal gambling and to assess the regulatory, economic, and social outcomes of anti-illegal gambling policy in Kazakhstan. The study applies comparative analysis, economic and statistical analysis, structural and dynamic analysis, relative indicator analysis, index methods, Min–Max normalization, and expert interpretation. An integrated index was developed to monitor the implementation of government policy based on indicators reflecting gambling participation, treatment and rehabilitation coverage, blocking of illegal online resources, and registered criminal offenses.
The results indicate that Kazakhstan has experienced an expansion of the regulated gambling market, a decline in registered criminal cases related to illegal gambling, and broader implementation of preventive regulatory measures, including self-exclusion mechanisms and restrictions for financially vulnerable groups. The proposed integrated index demonstrates a positive trajectory of the policy indicators during the study period and provides a framework for monitoring the implementation of the Government Comprehensive Plan to Combat Illegal Gambling and Ludomania. Since the index combines observed data with official policy targets, projected values should be interpreted as scenario-based policy benchmarks rather than independently verified outcomes.
The study concludes that strengthening digital monitoring, expanding preventive mechanisms, improving financial monitoring, and enhancing international cooperation may further support the implementation of anti-illegal gambling policy. The proposed integrated index can serve as an analytical tool for monitoring regulatory performance and evaluating the progress of public policy in this field.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 30th of July, 2026; Available online: 30thof September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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This paper evaluates green economy implementation in Ukraine during 2005–2024 and benchmarks its performance against Poland and Romania as post-socialist EU comparators and Germany as an advanced EU benchmark. Using data from the State Statistics Service of Ukraine, the World Bank, and Eurostat, the study applies the Tapio decoupling model and OLS regression with structural-break indicators. The results indicate that Ukraine achieved only weak decoupling between economic growth and CO₂ emissions. Improvements in energy efficiency and renewable energy deployment remained limited relative to the selected comparator countries. The analysis identifies statistically significant structural breaks coinciding with the 2014 and 2022 conflict periods, indicating changes in the relationship between economic activity and CO₂ emissions.
The findings indicate that the green transformation in Ukraine is not only limited by the technological disconnect, but also by institutional and structural legacies of the socialist legacy. The policy implications include the necessity to align reconstruction to the EU environmental standards, enhance the carbon pricing mechanism, and assist the industrial regions with the help of the well-developed just transition framework.
Copyright© 2026 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 July, 2026; Revised 31st of August, 2026; Accepted 17th of September, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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The modernization of Kazakhstan's judicial system requires improvements in judicial administration funding to enhance institutional capacity, public expenditure efficiency, and the sustainability of judicial governance. This study aims to assess long-term trends in justice-sector financing, evaluate the current funding approach from a public finance perspective, and develop a conceptual framework for reforming judicial administration funding.
The study is based on official statistics of the Bureau of National Statistics of the Republic of Kazakhstan, the Committee on Legal Statistics and Special Records of the Prosecutor General's Office, and materials of the High Judicial Council for the period 2015–2025. The empirical analysis employs comparative analysis, econometric modelling, time-series forecasting, the Mann–Whitney test, the Durbin–Watson statistic, and regression analysis. Due to the limited availability of official long-term data on judicial administration expenditures, the study uses the volume of investigation and security services as a proxy indicator describing the broader financial environment of the justice sector.
The results indicate a significant nominal increase in this indicator from KZT 165.9 billion in 2015 to KZT 785.3 billion in 2025, reflecting expanding public financial resources allocated to justice-related activities. Trend analysis suggests continued growth; however, diagnostic tests reveal residual autocorrelation and structural changes associated with institutional reforms. The findings suggest that increasing financial resources alone may be insufficient to strengthen judicial administration without corresponding improvements in budget allocation mechanisms. Based on the exploratory findings and literature, the study proposes a conceptual framework for judicial funding reform based on workload, digitalisation, performance indicators, and medium-term budget planning.
The results contribute to the literature on public finance, judicial administration, and institutional economics while acknowledging the limitation associated with the use of proxy indicators instead of direct judicial expenditure data.
Copyright© 2026 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 July, 2026; Revised 26th of August, 2026; Accepted 10th of September, 2026; Available online: 30thof September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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In the context of globalization and increasingly complex teamwork structures, interpersonal competencies have become important determinants of organizational effectiveness. This study explores emotional intelligence (EI) as a non-cognitive capability influencing workplace conflict management and team productivity. Using a qualitative, exploratory, and inductive design, the study draws on semi-structured interviews with 12 professionals from education, healthcare, business, and public administration in Kosovo, analysed through thematic analysis.
The findings identify four interconnected mechanisms, emotional regulation, empathy, communication, and constructive conflict resolution, that foster constructive interaction, strengthen trust and coordination, and reduce conflict-related interpersonal friction. From an applied organizational economics perspective, these mechanisms may limit inefficiencies arising from miscommunication, delays, repeated coordination efforts, and managerial intervention, thereby supporting team productivity and organizational efficiency. Integrating Human Capital Theory and Transaction Cost Economics, the study conceptualizes EI as non-cognitive human capital that may generate organizational value by strengthening workforce capabilities and internal coordination.
Given the qualitative design and small sample, the findings are exploratory rather than statistically generalizable or causal. The study provides a foundation for further research on the organizational and economic implications of EI and offers practical insights for human resource development, leadership, and conflict management.
Copyright© 2026 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 May, 2026; Revised 9th of July, 2026; Accepted 25th of July, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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This study examines the role of economic mechanisms of public administration in strengthening national security under contemporary global challenges. It aims to identify key economic mechanisms and develop a typology of public administration models based on economic and security characteristics.
The empirical analysis covers 27 European Union countries and combines content analysis with cluster analysis using the Index of Economic Freedom, KOF Globalisation Index, Legatum Prosperity Index, and Fragile States Index. K-means clustering and hierarchical clustering with Ward’s linkage identify five distinct clusters, reflecting differences in economic conditions, institutional capacity, and vulnerability. Based on these clusters, five public administration models are distinguished: sustainable market adaptation, investment sustainability, institutional reorganisation, monetary stabilisation, and regulatory stability. The findings highlight the importance of integrating economic mechanisms with broader security strategies and adapting public administration to evolving geopolitical and technological challenges. The study provides recommendations for strengthening financial, regulatory, investment, monetary, and institutional mechanisms and identifies directions for further empirical research.
Copyright© 2026 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 July, 2026; Revised 29th of August, 2026; Accepted 20th of September, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
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In the context of digital transformation, educational services are evolving towards personalization and customization. Customer engagement has become a crucial mechanism for customized course platforms to achieve value creation and user retention. This study constructs a "customer engagement-functional value/hedonic value-customer retention" model based on value co-creation theory and examines the moderating effect of unique requirements. Using 279 customized course user questionnaires as a sample, SPSS 27.0 and AMOS 26.0 were employed for empirical analysis.
The results show that customer engagement significantly and positively impacts customer retention; both hedonic and functional experiential values play a partial mediating role; and unique requirements positively moderate the relationship between engagement and experiential value. This study reveals the intrinsic mechanism by which customer engagement affects customer retention in the context of customized courses, expands the application of relevant theories in the field of education, and provides practical insights for platforms to optimize engagement mechanisms and improve retention. These findings contribute to the economics of education literature by demonstrating how firm-level adoption of customized learning services enhances resource allocation efficiency and market competitiveness of education providers in the digital economy.
Copyright© 2026 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 June, 2026; Revised 9th of August, 2026; Accepted 30th of August, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Issue 4(94), 2026.
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College student entrepreneurs face a persistent financing constraint, yet the mechanism through which project, platform, and risk-management signals translate into perceived crowdfunding success remains under-explored in China. This study examines how basic project information, crowdfunding platform characteristics, and risk disclosure and control affect perceived crowdfunding success among student entrepreneurs through the mediating mechanism of investors' willingness to participate. Using survey data from 670 college students in Jiangsu Province, China, all of whom had crowdfunding participation experience and entrepreneurial experience, the study applies structural equation modelling (SEM) with SPSS 25.0 and AMOS 23.0 to estimate the relationships among latent constructs and uses 5,000-sample Bootstrap testing with 95% confidence intervals to verify indirect effects.
The findings show that basic project information (β = 0.196, p < 0.001), crowdfunding platform characteristics (β = 0.104, p < 0.01), and risk disclosure and control (β = 0.174, p < 0.01) significantly enhance perceived crowdfunding success. They also significantly improve investors' willingness to participate, which itself has the strongest direct effect on perceived crowdfunding success (β = 0.486, p < 0.001). Bootstrap results further confirm that investor willingness partially mediates the effects of project information, platform characteristics, and risk disclosure and control, with indirect effects of 0.150, 0.080, and 0.108, respectively.
The study contributes to crowdfunding and digital entrepreneurial finance research by integrating project-, platform-, and risk-based determinants within a single SEM mediation framework and by offering China-based empirical evidence on the psychological mechanism linking external crowdfunding signals to entrepreneurial perceived funding outcomes.
Copyright© 2026 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 July, 2026; Revised 2nd of September, 2026; Accepted 25th of September, 2026; Available online: 30th of September, 2026. Published as research article in the Volume XXI, Fall, Issue 4(94), 2026.
